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Saturday, May 28, 2022

Stimulus Check Update: Money For Social Security Recipients

There has been a petition circulating the internet for a stimulus check payment worth $1,400- brought forth by the Senior Citizens League. This would definitely help recipients of social security deal with the increasing inflation, and the petition has been garnering some major support from people around the country.

The petition states that the undersigned would want recipients of Social Security to receive an emergency stimulus of $1,400 to cope with the inflationary year that is slowly gaining steam. Currency, social security benefits are amongst very few types of income that have been readjusted for inflation.

Stimulus Check Needed For Social Security Recipients 

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One of the major arguments for the stimulus check petition has been that the increase in COLAs has not been enough for seniors who are living on a steady, fixed income with the inflation surge of 5% that has taken place over the last 13 months. The petition has further added that the benefits of social security in 2021 have increased by around 1.3% which raises the average benefit by about $20 a month. But close to 86% of the recipients of Social Security that have been recently surveyed have stated that their expenses went up by quite a lot than the amount. 

One of the sectors that have gone through the biggest increase in prices has been the meat industry. Although the total rate of inflation has increased the price of chicken to about 7.2%, the price of pork has risen by about 9%, with the price of ground beef increasing by about 13% from the price last year. A stimulus check of $1,400, therefore, could definitely help the senior citizens afford groceries on an income that has already been tightly fixed. 

A fourth stimulus check payment would help struggling seniors recover from inflation and blockages in the supply chain.

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