How Has The Biden Economy Impacted You? New Report Shows Biden's Economic Disaster Is Forcing Americans to 'UnRetire'

The U.S. Senate Special Committee on Aging released a report from Ranking Member Republican Sen. Mike Braun (R-IN) Thursday that describes the increasingly grim scenario for older Americans.

The report entitled 'What's Working for Older Workers', describes what American older people are encountering and gives a series of recommendations for Congress and the White House to implement in order to support them.

According to WBIW-TV, Braun explained the report, 

“After spending 40 years running a business on Main Street, I understand the crucial role that older Americans represent in our economy. Too many older Americans are suffering in the current economy. My report details the initiatives I have taken in Congress to alleviate challenges for older workers by removing burdensome rules, protecting their retirement savings, and implementing effective programs to connect older Americans to good-paying jobs, as well as tackling issues like high inflation that forced some older Americans back to work.” 

In the text of the report, Braun found "Inflation has pushed some older Americans back to work: 43 percent of those considering returning to work are doing so because of inflation."

Americans are "unretiring" to make ends meet due to inflation. Older workers need Congress to stop the cycle of reckless spending fueling inflation. pic.twitter.com/96LmEVcORe

— Senator Mike Braun (@SenatorBraun) May 17, 2023

In a tweet sharing video of an appearance on Fox Business Braun wrote, "Americans are 'unretiring' to make ends meet due to inflation. Older workers need Congress to stop the cycle of reckless spending fueling inflation."

In his report, he explained the heartbreak in detail, "These retirees, including many hardworking Hoosiers, looked forward to a happy and secure retirement. But they’ve been finding that their savings aren’t enough to keep up with rising prices, and they can’t stretch their Social Security checks. Inflation is also painful for older workers:

• 17 percent have decreased retirement account contributions because of inflation, and 5 percent can’t afford any contributions.
• Almost half have spent down emergency savings. 40 percent are delaying retirement.

To cope with persistently higher prices, some older Americans have skipped meals, visited food pantries for the first time, and devoted Social Security checks to covering basic household necessities. Older workers and employers are now struggling with higher interest rates. In April 2023, the Federal Reserve announced that it expects an upcoming recession."

It describes the current employment statistics for the 55+ demographic in startling terms. "Over the last two decades, the share of the workforce aged 55 or older almost doubled. By 2028, over a quarter of the workforce will be aged 55 or older." The report also notes that older workers comprise nearly 40 percent of all independent contractors.
 

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Making matters worse under President Joe Biden, the Department of Labor's proposed rule change impacting independent contractors or the 'gig economy' will disproportionately impact older Americans driven back into the workforce by the runaway inflation that has followed Biden's administration. Braun has led Senate efforts to challenge the proposed rule that would eliminate the bulk of these jobs by requiring they essentially become 'W2' roles.

Braun introduced and managed to pass a bipartisan measure that would've reversed another new DOL rule set to allow the fiduciaries who manage retirement accounts to invest based on Environmental, social, and governance, or ESG. It received Biden's first veto.

According to WBIW, Braun introduced legislation that would counter the rule change impacting independent contractors. As noted in the Senator's report, "Between 58 and 87 percent of independent jobs could be eliminated by this rule."

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