Florence, South Carolina 2021-10-15 19:42:50 –
HORRY COUNTY (WBTW) —According to a professor at Coastal Carolina University (CCU), increased living cost adjustments for recipients of Social Security and Supplementary Security Income (SSI) will benefit our region more than any other region. That is.
The merit is 5.9% in 2022, Represents one of the highest increases in decades.
Sousarv Batabyal, an assistant professor of economics at the CCU, said: “It can also have a trickle-down effect in other sectors such as food, services and hospitality.”
Mike and Martha Francis (76 and 66, respectively) are retired and live in Holly County. They are part of more than 25% of county residents over the age of 65.
Retired couples raise about $ 1,600 a month on social security.
“We reach the break-even point every month,” Mike said.
“Yes, that’s right,” Martha added. “Sometimes there are a few more, and sometimes there aren’t.”
Increased adjustment Goods and services are 5.4% higherAccording to the Consumer Price Index, calculated by the US Bureau of Labor Statistics.
“When it comes to living expenses, I hope they lower some of the gas, some of the groceries, and whatever they have to have,” Mike said. “It will be of great help.”
“It will happen,” Martha added.
The two said they were accustomed to achieving their goals because they had the experience of raising four children themselves. If you focus primarily on monthly invoice payments, your shopping habits will be second.
“You go to the grocery store, buy whatever is on sale and plan your meal that way,” Martha said. “If chicken is for sale, you get chicken.”
The couple wants the increase to be higher to give them room to move little by little each month.
“It doesn’t sound like much, but anything helps,” Martha said.
Batavir said there was a balance in increasing profits.
“If you give too much money, it also creates more inflation,” Batavir said.
CCU Economics professor: ‘Myrtle Beach’s economy can benefit maybe more than other regions’ from cost of living increase Source link CCU Economics professor: ‘Myrtle Beach’s economy can benefit maybe more than other regions’ from cost of living increase