While inflation in April was heralded last week as the lowest in 44 years, a Senior Citizens League tally a few days later disclosed elders have lost 24 percent, or about one fourth, of buying power since 2000, notes Grumpy Editor.
The U.S. Bureau of Labor Statistics reported "continuing stability" of the consumer price index (CPI) last month for all items, less food and energy, resulted in a 0.9 percent increase from a year earlier, the smallest since January 1966.
On the other hand, the annual survey of senior costs by the Senior Citizens League found that “since 2000, the Social Security Cost of Living Adjustment (COLA) has increased average benefits just 31 percent while typical senior expenses have jumped almost 63 percent, more than twice as fast.”
To further smack seniors, they are “receiving no COLA this year for the first time since the automatic COLAs introduction in 1975 and are forecast to receive no COLA again next year," SCL mentioned.
"This study makes clear what millions of seniors already know too well: for every $100 worth of expenses they could afford in 2000, they can afford just $76 today," declared Daniel O'Connell, chairman of Alexandria, Va.-based SCL. "What has long been a difficult situation for seniors is quickly becoming a dire one."
It should be pointed out that unwavering reports in media have labeled inflation as “tame.”
The study examined the increase in costs of 29 key items between 2000 and 2010 with 20 of them exceeding the COLA, said SCL, which lists 1.2 million supporters.
Among increased expenses affecting seniors’ wallets since 2000:
Apartment rental, up 38 percent.
Heating oil, 150 percent.
Electricity, 50 percent.
Natural gas, 63 percent.
Auto maintenance/repair, 41 percent.
Dental, general visits, 40 percent.
Out-of-pocket medical, 44 percent.
Potatoes, 10 pounds, 67 percent.
Movie ticket, 39 percent.
Personal care services, 31 percent.
For the full list, go here.