How the GI Bill turned into a lifeline against inflation
June 13, 2023Over the last 20 years, we have witnessed a steep increase in the cost of basic needs such as housing and gas. This has become even more alarming because money just doesn’t go as far as it used to. According to the The U.S. Department of Labor’s Inflation calculator, a dollar in January 2000 now has the same buying power as $1.80 in today’s money. The difficulty caused by this change has been compounded by data from the Census Bureau stating the median gross rent has increased from $602 in 2000 to over $1700 now.
This has left many Veterans in a bad way financially, which has been proven to be a large contributing factor to the mental health crisis.
However, many Veterans have turned to an unconventional lifeline, the GI Bill. Among a small polling group, 100% of Veterans told us the financial incentive was a major contributing factor in their decision to use the GI Bill. Under the condition of anonymity, several of the Veterans told us they might have not taken the steps to pursue their education, if they were not struggling financially.
“I get the BAH money now, which I really need, and then I can make more money when I get my degree.” – a US Marine Veteran who wish to have their identity withheld.
Some in our polling group admitted to using the extra money to pay for car repairs, while trying to pick classes that might help them personally or professionally.
Alternatively, some Veterans have turned to Vocational Rehab to help them escape low-paying career fields made untenable by their service connected disabilities. Others have tried to save on costs by switching to VA provided life insurance.
Unfortunately, not all Veterans have the opportunity to use their benefits to the fullest, but many have made the effort to explore those options because of the strain placed on their family by increasing inflation.
To learn more about the GI Bill visit their website by clicking here.
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