Seniors are facing a "double whammy" as inflation continues to rise, eroding their financial stability and quality of life, according to discussions at a recent government meeting focused on making Washington work for older Americans. With pension funds losing approximately $2.5 trillion in inflation-adjusted value, many seniors are struggling to keep up with increasing living costs while their financial resources diminish.

Experts at the meeting emphasized that the current economic challenges are largely self-inflicted, urging lawmakers to reverse policies that have contributed to the crisis. A key recommendation was to cut excessive government spending, which has been linked to rising inflation. Additionally, restoring energy policies from previous administrations was highlighted as a potential way to boost production and lower costs across the board, particularly in essential areas like food and housing.

The inadequacy of the Social Security cost-of-living adjustment (COLA) was also a major topic. Current calculations do not accurately reflect the expenses faced by seniors, especially in healthcare. Advocates are pushing for a switch to a more suitable index that would better capture the true costs of living for older adults.

Concerns were raised about proposed drastic cuts to Social Security and other vital programs, with warnings that such measures could push millions of seniors into poverty. Currently, about 14% of seniors live in poverty, a figure that could soar to 40% without Social Security support. The meeting underscored the moral implications of prioritizing tax breaks for the wealthy over the well-being of vulnerable populations, calling for a more equitable approach to fiscal policy that protects seniors and their livelihoods.