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Saturday, May 28, 2022

4th Stimulus Check: Is There Chances Of More Federal Stimulus Support In 2022

The online petition urging for a 4th stimulus check is still on and has neared 3 million signatures. Americans are still hurting and the after-effects of the pandemic and its economic downturn have been tough on large sections of t population.

The high rate of inflation has driven low-income workers and senior citizens to struggle for necessities. They have been forced to default on rent and utility bills. Inflation also is at its highest in over 3 decades. the Cost Of Living Index (COLA) rise has been the highest in over 4 decades.

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The 5.9% rise in social security money for seniors has been canceled out by the soaring inflation and high Medicare expenses.  Some seniors have also been pushed to a higher income tax bracket due to the nominal increase in social security.

Senior Citizens Have Appealed For A $1,400 Stimulus Check

The $92 stimulus check will only eat into their expenses. The Senior Citizen League believes that a stimulus check worth $1,400 will benefit them a lot.

Over 86% of seniors receiving benefits said that a 1.3% raise last year could not make up for the steep rise in expenses in 2021. Seniors have been obligated to rely on their meager savings and most have spent their last savings.

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Others have been forced into eating a single meal and cutting down on their prescription drugs. The senior citizen’s petition for $1,400 will in part offset the rise in Part B of Medicare and the upper tax bracket to which seniors have been pushed.

The total expense for the stimulus checks for seniors if passed would cost $90B to provide a $1,400 stimulus check to 64M recipients of social security.

There are few chances of a stimulus check being announced in 2021 as the Biden administration is focused on the infrastructure and social spending bills.

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