It’s not news that the U.S. is experiencing the highest inflation it’s seen in 40 years. You likely figured that out after gassing up your car or going grocery shopping over the past few months. 

But if you’re on a fixed income, inflation can be more than a nuisance, even with the recent 6% increase in Social Security. Here’s how Mel, a Capital Tonight viewer, sees the issue: 

“Hi Susan, you need to do a show on simple math for politicians. Everyone’s excited we’re going to get a 6% raise in Social Security. Wow those lucky old people. And then we find out…Medicare is going up 15%, food is up 6%, natural gas to heat our homes in New York is up 50%. Can you tell me how people on a fixed income can cover this on the 6% increase? Got to love Congress.”

Unfortunately, according to the dean of the UAlbany School of Business Dr. Nilanjan Sen, there is very little that people on fixed incomes can do to reduce the threat of inflation. 

“In the short term, you really can’t do much because prices will be higher. You need to control your expenditures,” Sen explained. “One of the things [to do] would be to tighten up your belt, and pay attention to what you’re spending for the next six to eight months.”

However, there is good news on the horizon.  

Professor Sen told us that, in the long term, experts believe inflation will subside.

“The macroeconomic factors which kept inflation down over the last 20, 30 years, are still there, which is globalization and technological innovations.” Sen explained.