U.S. Reps. Pete Stauber (R-MN) and Tom Tiffany (R-WI) have introduced legislation that seeks to provide seniors with resources to navigate present inflation challenges via projections.
The Inflation Transparency for Seniors Act would aid future planning by adding the Congressional Budget Office’s calculated inflation forecast to every Social Security Report.
“With inflation recently reaching a 31-year-high thanks to Biden’s destructive economic policies, many Americans are left wondering how they should manage their personal finances,” Stauber said. “This is especially true for our seniors, many of whom live on a fixed income. America’s seniors deserve better. By introducing legislation that will provide seniors with transparency on inflation projections, this legislation will not only help them better plan for their future, but it will also help hold any Administration accountable for enacting policies that place undue financial burden on the American people.”
Tiffany said Americans deserve transparency and noted the bill would require the government to provide seniors with projections to better understand the implications of government spending plans.
The lawmakers cited a Labor Department report determining during October consumer prices spiked at their fastest pace in over three decades.