Seniors already grappling with higher health costs and the threat of COVID-19 may face another challenge next year: No increase in their Social Security checks.
Gasoline prices have tumbled 32% the past year, according to Labor Department figures. Also, consumer demand has nearly vanished for many services because of the coronavirus crisis, leading to sharp declines in air fares, hotel rates and other prices.
Yet Johnson says the CPI-W doesn’t reflect the spending patterns of seniors, who buy less gasoline, electronics and other products and spend more on items such as health care and food.She has called for the SSA to base its COLA on a proposed index for the elderly called CPI-E that would put more weight on health and other expenditures.
Since 2000, Social Security recipients have lost 30% of their buying power as COLAs increased a total 53% while the cost of goods and services typically purchased by retirees jumped 99.3%, according to the Senior Citizens League.
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