LYNCHBURG, Va. (WFXR) — Nearly 70 million Americans will see around $90 added to their Social Security checks every month starting next year. However, with rising prices, inflation is expected to level out much of that extra cash.
The Department of Labor put out its latest inflation numbers on Wednesday, Oct. 13, showing prices are going up on everything from groceries to gas.
That has lots of people wondering whether the Social Security increase is going to be enough.
“When they give us an increase in Social Security, then it increases everything else, Medicaid, the Medicare premium will go up, my rent,” said Carol Bellerose, a Social Security recipient from Lynchburg. “I’ve witnessed that when we get the yearly increase, it’s taken away by something. So, you’re really at the same level.”
The Social Security Administration said the rising cost of living is why nearly 70 million Americans are getting a boost to their benefits.
The nearly 6 percent increase is the highest in nearly 40 years, but some business owners warn they may have to keep raising their prices.
The Biden Administration says it knows inflation is an issue, but not for the long-term.
“The bottom line is our focus is on preventing inflationary pressures from being an issue in the future,” said Jen Psaki, White House Press Secretary.
Many Americans are hoping the administration can keep that promise, because gas prices are up nearly a dollar from this time a last year. In addition, the consumer price index shows overall prices have risen nearly five and a half percent.
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