LA MESA, Calif. (KGTV) — Millions of Social Security recipients will get a 3.2% increase in their benefits next year, but critics believe it is far from enough to make up for inflation in the current U.S. economy.
Outside the Social Security Administration building in La Mesa, optimism is lacking.
"I'm not going to say it's scary, but it's disappointing," John Crouthamel, a senior living on a substitute teacher salary, and social security says.
He doesn't believe for a minute that the cost of living adjustment by the Social Security Administration is correct.
"We know that's not true," he says, adding he thinks he will get around an additional $60 per month. He believes that figure is nowhere near what seniors should be getting to account for inflation.
"I think we should be outraged by it," he says.
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Crouthamel is not as worried about himself, but more so about seniors who may be struggling to get by. He thinks of greeters at stores like Walmart, working into old age, just to pay rent.
"It's becoming increasingly difficult for seniors to eat," another Social Security recipient, Terry Paramore, says.
Serving Seniors President and CEO Paul Downey says almost all of the seniors they see are 100% reliant on Social Security. The nonprofit in San Diego County provides meals, affordable housing programs, and assistance to seniors living on the streets.
For the seniors they work with, Thursday's cost of living adjustment announcement is a letdown.
"3.2% is not enough for most seniors to live on. We see what's happening with inflation. All you have to do is look at gas prices," he says.
Downey claims a majority of the seniors they see are spending 70 to 80% of their income on their rent alone. He says on a regular basis, his staff talks with seniors who weigh whether or not they can afford to take their medication, cut it in half or just pay their electric bill.
Downey believes the formula used in the calculation of the increase, the consumer price index, is not an accurate representation of the services seniors use and doesn't correctly account for services like rising medical care costs.
However, 2024 will be the the eighth straight year with an increase in social security payments, and the third straight year with an increase above 2%. The acting commissioner of the Social Security Administration says it will help people keep up with expenses.
But while this year's number is an increase, in a place like San Diego with rising costs, it just may not go far enough.
"We're going to see more people as a result of this. More people are going to be at risk of failing," Downey says.
