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Saturday, May 28, 2022

Is There Hope For A 4th Stimulus Check For Social Security Beneficiaries?

Are there any chances of a 4th stimulus check making it to the bank? Researchers have time and again indicated that a 4th stimulus check would not only be vital, but necessary for many Americans as they struggle to make it through the slow pace of recovery.

Studies indicate that the US economy is turning around at a much slower pace than expected. This sluggish pace is expected to continue as the pandemic makes a comeback as a variant. This makes it all the more necessary for another stimulus check to keep things on an even keel.

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The 4th stimulus check would benefit the lowest earners in the US. The infusion of funds into the hands of the deprived sections of the population has a positive impact on their lives. With income totally drying up in the pandemic months. The stimulus checks helped sustain the low earners. It helped them provide at least the basics. Some even managed to set aside a part of it for a rainy day.

Another Stimulus Check Would Help The Lowest Earning Category

The study found that the low-earning population benefitted immensely from the multiple stimulus checks. But most of it was spent on essentials like food, rent, and utility bills. But the money ended within three to four months for most. The low-wage earners have since fallen behind again and need immediate, direct assistance.

The transport logjam has further affected the middle and low class with shelves running dry in many parts of the country. Ships are stranded at ports, unable to unload their ships.

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The Senior Citizens’ League has said that Congress has to get its act together. The Social Security Administration announced a 5.9% increase in social security benefits this month. It could mean an additional $92 for each senior citizen under the Cost of Living Adjustment. It is intended to keep up with inflation. It doesn’t beat it.

Many seniors have exhausted their savings and have been forced to stick to one meal a day and cut back on their prescription drugs. These are but a few of the drastic measures they have been forced to undertake in the absence of another stimulus check. The League has pitched for another $1,400 stimulus check for seniors.

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