Engelhardt Speaks to the Washington Post About the Impact of Inflation on Retirees

March 28, 2022

The Washington Post

Gary V. Engelhardt

Economics Department

Aging Studies Institute

Economic Policy

United States

The Washington Post

Gary V. Engelhardt

Inflation is at a 40-year high and rising prices are putting additional strain on older Americans, many of whom rely on fixed incomes and limited savings to cover costs. While cost-of-living increases protect older Americans against medium- and long-term effects of inflation, they do little to shield them from shorter-term price hikes, says Professor of Economics Gary Engelhardt, whose work focuses on Social Security, pensions and aging. "The sting of rising prices for older Americans is real," he says. "Sudden increases in prices, like the ones we’ve experienced with gas, food and housing, will erode the purchasing power of those on fixed incomes until those benefits get adjusted." Read more in the Washington Post article, "Fewer hot showers, less meat: How retirees on fixed incomes are dealing with inflation."