In the shadow of Wall Street’s towering skyscrapers and the bustling halls of Capitol Hill, a silent crisis is simmering. Our older adults, the venerable custodians of American legacy, find themselves navigating the stormy waters of soaring inflation on the frail raft of fixed income. With the Consumer Price Index registering a persistent climb, the financial stability of older Americans is hanging in the balance.
The ripple effects of inflation have not spared older Americans, unmasking financial vulnerabilities often sidelined in mainstream economic debates. AARP’s CEO Jo Ann Jenkins aptly highlighted, “We know older Americans are still feeling the sting when they buy groceries and gas, making every dollar important.”
As leaders of large care organizations that serve older populations, we have witnessed firsthand the devastating impacts inflation is having on household budgets. People are being forced to make decisions between food, medications, doctors visits, care support and other basic essentials. The narrative unfolding before our eyes is one of struggle, resilience, and an urgent call for remedial action.
The bedrock of Social Security, intended to provide a financial cushion, seems to be crumbling under the weight of rising living costs. A recent survey by the Senior Citizens League revealed a telling narrative: 68% of respondents reported that their household expenses remain at least 10% higher than the previous year. The modest 3.2% uptick in Social Security benefits slated for 2024 barely scratches the surface of the escalating costs facing older adults.
The narrative of elder care costs and caregiver shortages intertwine with the inflation saga, unfolding a tale of financial and emotional hardship. The uphill battle for affordable and quality care is an added burden on elders, who are already stretching thin their financial resources. The soaring costs of essentials, such as food and shelter, further compound the dilemma.
The march of inflation shows no signs of abating, and its fallout is tightening the financial vise around older adults. The modest augmentation in Social Security benefits is rapidly being overshadowed by the surging costs of housing, food, and healthcare. The sentiment among many above 65 is a profound feeling of abandonment by federal mechanisms in these challenging economic times.
As the discourse on economic stability and growth dominates the national narrative, the financial plight of our older adult population seems to be dwindling to a murmur. Yet, their struggle against the rising tide of living costs and the quest for dignified elder care resonate with a profound urgency.
It’s time for economic pundits and policymakers to turn the spotlight on this simmering crisis. Older adults in our society, the architects of contemporary America, are ensnared in a financial quagmire that threatens to undermine the dignity and comfort of their twilight years. As the quest for economic buoyancy continues, the financial well-being of our elders must not be relegated to the back burner. It’s imperative that robust measures are instituted to fortify the financial ramparts shielding our elders from the harsh winds of high inflation, ensuring a dignified and secure living standard for them.
by Neal K. Shah, CEO CareYaya Health Technologies, and Dr. David Casarett, Chief of Palliative Care, Duke Health
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Tampa Free Press.
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