Retirees Look for Work Again in Biden’s Economy

Some retired Americans are having to reenter the workforce, as Bidenomics makes retirement unaffordable. That’s Biden’s Build Back Better — or Poorer.

Fox Business reported that many retirees are having to look for work again thanks to the utter economic catastrophe of Bidenomics. A Motley Fool survey of retired Americans that Fox News covered on June 18 found that 44% of respondents are thinking about looking for work again, as their Social Security benefits have not kept up with spiking inflation. Since January 2021, when Biden took office, prices have gone up 20%, so it’s not surprising that retirees are considering finding a job, but it is an illustration of how the Biden administration is killing the American Dream.

Fox Business reported, “While Social Security recipients received a 3.2% cost-of-living adjustment in 2024, retirees say they are still struggling financially, the survey findings show. That is largely because the actual rate of inflation exceeded this year's 3.2% cost-of-living bump in March, April and May.”

Retired Social Security and Medicare analyst Mary Johnson stated previously, “The higher inflation indicates that consumers are still experiencing an erosion in buying power.” Despite claims from the media and Democrats, inflation continues to rise. In fact, as noted above, prices are up 20% since Biden took office. The economy/inflation is the most important issue for most voters going into the 2024 election, so hopefully that spells trouble for Joe Biden-flation and his re-election bid.

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In 2024, the Social Security Administration shows that the average monthly payment is $1,907 to retirees. But, as of 2022, Americans 65 years old and above were spending $4,818 a month. Therefore, even though Social Security isn’t supposed to cover all of a person’s expenses (the average payment is 40% of an individual’s earnings from before retirement), many older Americans are struggling. Of the survey’s respondents, 61% reported having daily financial struggles. The survey finds that Social Security is the only income source for around 27% of Americans, making it even harder for them to meet expenses in Biden’s economy.

More than one-quarter of all non-retired investors said they would likely be forced to return to the workforce at some point due to inadequate savings if they were to retire within the next 12 months, while 19% doubt that they will ever save up enough money to retire, according to a separate survey published by Nationwide. 

An additional 19% said they will retire later than planned because of inflation.

Fox Business added some specific data on the prices of necessities. Grocery prices went up by over 21% since the beginning of 2021. Meanwhile, “shelter costs” have spiked 18.37%, while energy prices went up 38.4%. Low income Americans, of course, suffer the most from such price increases. The average American household, as of March, was paying $227 more every month to buy the same goods and services compared to the same time last year. “Americans are paying on average $784 more each month compared with the same time two years ago and $1,069 more compared with three years ago,” Fox Business added.

The media and the Democrat Party are desperately trying to convince Americans that the economy is marvelous, but those of us living in the real world just have to go to the grocery store or the gas station to remember exactly how terrible Bidenomics is.