With another round of stimulus checks possibly set for 2022, some wonder if Social Security beneficiaries will be eligible for a new payment.
Let’s get some answers, Outsiders, from this article by The Republic Monitor.
There are some members of the Senior Citizens League who are urging Congress to deliver a fourth $1,400 stimulus payout. This one would be for those on Social Security.
In case you did not know, more than 169 million stimulus checks were sent in the third round. Now, a fourth installment is getting a push by advocates for it. Why? Toss in the inflation issues along with Omniron, a new COVID-19 strain, hitting people in the United States.
This new strain is frightening markets and causing a fresh wave of disease.
Group Wants Stimulus Checks In Light Of Growing New COVID-19 Strain
Also, the United States is seeing a rise in COVID-19 infections. Stimulus checks are being asked for as the TSCL pushes Congress. The group wants a one-time $1,400 Social Security stimulus payment for senior citizens.
TSCL is a nonpartisan advocacy organization. It has started up a campaign hoping to persuade Congress that more money in stimulus checks is needed for seniors on Social Security benefits. TSCL Chairman Rick Delaney proposed this one-time payment in a letter to congressional leaders.
What would this accomplish? It would help seniors cope with expenses from a 2022 cost-of-living increase. It became the biggest in 40 years and pushes seniors into a higher tax group.
Group Leader Says New Payment Might Help People Get ‘Additional Non-Taxable Income’
Delaney says regarding stimulus checks that “we’ve heard from hundreds of them [seniors] who have depleted their retirement resources.”
Delaney adds that for Social Security users, a $1,400 stimulus check “might be a method to earn additional non-taxable income.”
Why is all of this movement taking place?
Well, Outsiders, this is being done in response to the United States economy’s inflation levels.
Prices are hitting new highs throughout America and, for those on a fixed income like Social Security, are facing dramatic losses in buying power.
For instance, did you know that since October 2020, consumers have been paying 6.2 percent higher on average throughout the market, according to the Bureau of Labor Statistics?
Get this: Food prices have risen by 5.3 percent, while energy costs have risen by over 30 percent.
OK, so the fact that “COLAs [Cost of Living Adjustments] have lifted Social Security income by 55 percent over the previous 21 years” shows that general expenses have exceeded the rise with the COLA.
This is a major problem for seniors in the United States. Meanwhile, housing and healthcare costs have grown by 118 and 145 percent, respectively.