In the first few weeks of 2022, the Senior Citizens League (TSCL) put pressure on Congress to pass another $1,400 one-time stimulus payment for Social Security for seniors. This is due to the confusion that has arisen in the United States as a result of an increase in Corona cases since the advent of the new, milder Omicron form. This payout would be akin to a 4th stimulus check.
According to Marca.com, the cost-of-living adjustment (COLA) for 2022 is anticipated to rise by the most in four decades, putting many seniors in a higher tax band, so this stimulus check will potentially help offset the additional expenditures.
Increment In Social Security Income
COLAs have increased Social Security income by 55 per cent in the period of the last 21 years, yet seniors have been harmed since general expenditures have outpaced the COLA increase. As evidenced by increases of 118 per cent and 145 per cent in housing and healthcare prices, respectively.
According to TSCL Chairman Rick Delaney, the seniors heard from tens of thousands of people who had depleted their retirement funds. ‘Our government has forgotten about us,’ several people have written. A stimulus payment of $1,400.00 for Social Security recipients might provide them with additional non-taxable income.
TSCL has received almost 95,000 signatures on a petition about the $1,400 amount of Stimulus check for SS beneficiaries, indicating that public pressure is mounting.
Prices are skyrocketing across the United States, with the Labor Statistics Bureau revealing that customers have paid an average of 6.2 per cent more since October 2020. Food prices have risen by 5.3 per cent, while energy expenses have increased by more than 30 per cent.
Social Security Users Get A Stimulus Check
On Friday, November 19, the House of Representatives passed an act which is known as, the Build Back Better Act, which includes certain benefits for seniors but no mention of a stimulus package.
The expansion of Medicare will be done to include hearing services, and the government will have additional negotiation power with pharmaceutical corporations, but this law will not pass the Senate before 2022.
This is because Democratic Senator Joe Manchin has stated that he will not support the Build Back Better measure, leaving millions of Americans in the lurch. While progress is anticipated in 2022, thus the $1.9 trillion measure will not be passed in 2021.