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Will the Social Security Beneficiaries Eligible for Another Stimulus Payment?

Will the Social Security Beneficiaries Eligible for the Fourth Stimulus Payment?( Photo Merca)
As the inflation continues to soar, the Senior Citizens League is urging Congress to deliver a fourth $1,400 stimulus payout to people on Social Security.

As the inflation continues to soar, the Senior Citizens League is urging Congress to deliver a fourth $1,400 stimulus payout to people on Social Secure

 Will the Social Security Beneficiaries Eligible for the Fourth Stimulus Payment?( Photo AS.com)

As the inflation continues to soar, the Senior Citizens League is urging Congress to deliver a fourth $1,400 stimulus payout to people on Social Security.

Several Groups are Pushing for a Fourth Stimulus Payment

More than 169 million stimulus checks have been sent in the third round, but advocates are pushing for a fourth as inflation continues to bite, as well as the supremacy of a new covid-19 strain, Omicron, which is frightening markets and causing a fresh wave of disease.

Furthermore, as a result of the Omicron variation, the United States is seeing an increase in COVID-19 infections, prompting increased calls for a fourth stimulus check, as the Senior Citizens League (TSCL) pushes Congress to provide a one-time $1,400 Social Security stimulus payment for senior citizens.

The Senior Citizens League (TSCL)

The Senior Citizens League (TSCL), a nonpartisan advocacy organization, has launched a campaign to persuade Congress to allocate more stimulus money to seniors receiving Social Security benefits. TSCL Chairman Rick Delaney proposed a one-time $1,400 Social Security stimulus payment for seniors in a letter to congressional leaders. A move like this might assist seniors to cope with the expenses of the 2022 cost-of-living increase, which was the largest in 40 years and pushed them into a higher tax group.

TSCL Chairman Rick Delaney said that “We’ve heard from hundreds of them [seniors] who have depleted their retirement resources. Our government has forgotten about us,’ several people have written to us. For Social Security users, a $1,400.00 stimulus payment might be a method to earn additional non-taxable income.”

All of this is in response to the United States economy’s high levels of inflation. Prices are hitting new highs throughout the nation, and those on a fixed income, such as Social Security, are facing dramatic losses in their buying power. Since October 2020, consumers have been paying 6.2 percent higher on average throughout the market, according to the Bureau of Labor Statistics. Food prices have risen by 5.3 percent, while energy costs have risen by over thirty percent.

The 2022 Cost-of-Living Adjustment (COLA)

The fact that “COLAs have lifted Social Security income by 55 percent over the previous 21 years” shows that general expenses have exceeded the rise with the COLA, which is a problem for seniors. On the other hand, housing and healthcare costs have grown by 118 and 145 percent, respectively.