A report published by the Associated Press Thursday highlighted the devastating impact inflation is having on America's seniors. While the CPI report released earlier this week showed inflation fell to 7.1%, lower than expected, that is still much higher than the 2% goal that Congress set for the Federal Reserve.
The AP article highlighted the story of Lenore Angey, who was forced to return to work at 76 this year in order to afford the costs of food and medicine for her ill husband.
"The holidays are going to be tough, and it’s not just for seniors," Angey told the AP. "Luckily my daughter-in-law did all the cooking for Thanksgiving and I brought a few dishes. But the Christmas celebration will definitely be more modest."
"Inflationary pressures may be starting to ease, but higher prices throughout much of 2022 are still taking a toll on older adults, with a larger share of people like Angey saying they felt their finances were worse off than a year before," AP noted in its report.
The report stated that senior citizens are being hit particularly hard by inflation because many of them live on a fixed income. While the price of goods has increased considerably, their pensions and social security benefits have not.
"While a large share of people in all age groups described difficult financial struggles this year, a breakdown by age showed that older people are much more pessimistic about their own economic futures," AP reported.
The AP report also highlighted the experience of Lois Nyman, an 85-year-old Phoenix resident who works part-time as an adjunct community college instructor.
"For Thanksgiving I just bought a couple of turkey legs instead of a whole turkey," Nyman told AP. "I can’t believe how much more things now cost at the grocery store."
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Earlier this year, President Biden signed the Inflation Reduction Act into law. The nonpartisan Congressional Budget Office and University of Pennsylvania's Wharton Budget Model both found that the legislation will have a negligible impact on inflation. The Federal Reserve, the United States' central bank, raised interest rates by 50 basis points Wednesday in an attempt to curb inflation.
