does the average middle class worker see their pay keep up with rising costs? No, I’m not being harsh.
The call for higher Social Security COLAs is misleading. The list below is rather selective and certainly does not apply uniformly to seniors. In fact, the perception that seniors all live on a fixed income comprised all or mostly of Social Security is not accurate. Among elderly Social Security beneficiaries, 21% of married couples and about 45% of unmarried persons rely on Social Security for 90% or more of their income. Such numbers are survey based.
Changes to the COLA need serious thought. Simply promising higher COLA is not practical or necessary. In addition, the expectations created for a higher COLA are not realistic.
The organization listed the “dirty dozen” items important to seniors that have seen the largest percentage price increases:
- Major appliances, 17 percent
- Beef roasts, 11 percent
- Used cars and trucks, 11 percent
- Pork chops, 10 percent
- Household paper products, 8 percent
- Health insurance, 7.5 percent
- Elderly care at home, 7 percent
- Poultry, 7 percent
- Tomatoes, 6.5 percent
- Canned tuna, 6 percent
- Milk, 5.5 percent
- Household cleaning products, 5.2 percent