Nearly two-thirds of seniors say they will have to cut back or stop spending on certain items
Under Donald Trump and JD Vance, seniors are struggling to make ends meet as costs for everyday essentials like healthcare, gas, and groceries continue to skyrocket. Today, the Social Security Administration announced the Cost of Living Adjustment (COLA) for 2027, again falling short of what seniors will need as inflation expectations continue to rise.
New inflation data released today showed inflation hit 3.7% in September — the highest rate since May. If inflation continues at this pace, it will quickly outpace the COLA adjustment. Experts have warned that the COLA could fall short of what seniors need to maintain a standard of living.
In response, Congressman Steven Horsford (NV-04) released the following statement:
“The Trump administration promised to lower costs, but families across Nevada and across the country are paying more for everything from health care to groceries to gas. Social Security checks aren’t keeping up, and too many Americans are being forced to choose between medicine, utilities, and food. Meanwhile, Donald Trump and Republicans continue to attack Social Security, Medicare, and Medicaid, the lifelines millions of working families count on for some peace of mind, all while pushing permanent tax cuts for the ultra-wealthy. Hardworking Americans have earned better than empty promises. I’ll keep fighting to protect what they’ve earned, and voters will hold this administration accountable.”
Under Trump and Vance, healthcare costs are set to rise even further after Republicans made the largest cut to healthcare in history. Medicare Part B premiums — which are usually deducted from Social Security benefits — are set to rise 3.25% next year. Premiums for Medicare Part D drug coverage will be more expensive for millions of Americans, including the millions of Medicare beneficiaries who will lose access to $0 premium plans in 2027 after the Trump administration announced it would end Medicare Part D subsidies, raising prescription drug costs for more than 11 million Americans.
Because of rising energy costs as a result of Trump and Vance’s war with Iran, it could cost 50% more for seniors to heat their homes this winter. A new forecast from the Trump administration shows that gas prices are expected to continue to rise and diesel will remain above $4 per gallon until at least 2028. Plus, Americans have paid an extra $310 for groceries, and grocery prices are now more than 4% higher than when Trump took office.
REMINDER: After repeatedly vowing to keep Social Security “100% safe,” Trump admitted that he “wanted to ride with Social Security being fully invested in the stock market.” Treasury Secretary Scott Bessent also admitted that the Trump Accounts are a “backdoor for privatizing Social Security,” and Senator Ted Cruz confessed to the “dirty little secret” that “Trump accounts are personal Social Security accounts.” Meanwhile, his administration officials have also said they would consider raising the retirement age.
