At a recent meeting between the Federal Reserve and a number of concerned citizens groups, the issue of how the Fed’s policy of hiding the nation’s economic crisis by artificially keeping interest rates low was raised by Jim Martin, who chairs the 60+ Association.
Seniors have had a tough time during the past few years. Martin noted that “Social Security cost of living increases have added up to a meager 8% since 2009, while the cost of medical care can increase 8% in a single year. Seniors are paying much more to light their homes, cook their food, and keep warm, and food prices are soaring. A few examples, since 2009 the cost of beef has risen 35%, dairy products are up 16%, seafood is up 20%, and most produce staples are up in the double digits.”
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Much of what has been done economically, including the White House policies that seek to keep energy prices high by restricting the use of low-cost fuel sources and preventing resource exploitation on federal lands, hits many seniors even harder than the general population.