Will social security beneficiaries be eligible for another stimulus payment?

As inflation continues to skyrocket, Senior Citizens League urges Congress to pay fourth stimulus payment of $ 1,400 to people on Social Secure

As inflation continues to skyrocket, the Senior Citizens League is urging Congress to make a fourth stimulus payment of $ 1,400 to people on Social Security.

Several groups are pushing for a fourth stimulus payment

More than 169 million stimulus checks were sent in the third round, but advocates are pushing for a fourth as inflation continues to bite, along with the supremacy of a new strain of covid-19, Omicron, which is frightening them away. markets and causes a new wave of disease.

Additionally, due to Omicron variation, US sees increase in COVID-19 infections, leading to increased calls for fourth stimulus check, as Senior Citizens League (TSCL) pushes Congress to provide a one-time social service of $ 1,400. Security stimulus payment for the elderly.

The Senior League (TSCL)

The Senior Citizens League (TSCL), a non-partisan rights organization, has launched a campaign to persuade Congress to allocate more stimulus money to seniors receiving Social Security benefits. TSCL president Rick Delaney has proposed a one-time $ 1,400 stimulus payment from Social Security for seniors in a letter to congressional leaders. Such a move could help seniors cope with the expense of the 2022 cost-of-living increase, which was the largest in 40 years, and pushed them into a higher tax group.

TSCL President Rick Delaney said that “we’ve heard from hundreds of them [seniors] who have exhausted their retirement resources. Our government has forgotten us, ”several people wrote to us. For Social Security users, a stimulus payment of $ 1,400.00 could be one method of earning additional tax-free income. “

All of this in response to the high levels of inflation in the US economy. Prices are hitting new highs across the country, and those with a fixed income, like social security, are facing dramatic losses in their purchasing power. As of October 2020, consumers are paying 6.2% more on average across the market, according to the Bureau of Labor Statistics. Food prices rose 5.3 percent, while energy costs rose more than 30 percent.

The cost of living adjustment (COLA) 2022

The fact that “COLA has increased Social Security income by 55% over the past 21 years” shows that general spending has exceeded the increase with COLA, which is a problem for older people. On the other hand, the costs of housing and health care increased by 118% and 145% respectively.

Source link

Comments are closed.