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Thursday, December 2, 2021

Stimulus Check Update: Senior Citizens League Pushing For It

There is a very legitimate reason why the Senior Citizens League has been asking for another stimulus check payment- prices are rising. When beneficiaries of Social Security come across periods of high inflation, their purchasing power decreases exponentially. In both September and October, the price of groceries went on to increase by 1.2% and 1% respectively.

Among products that are predominantly essentials, dairy products, cereals, and meat have seen the most increase over the last year. A recent Household Pulse Survey which was conducted between the 29th of September and the 11th of October found out that around 5% of the seniors often did not have enough to eat. Also, 18% of people above the age of 65 found it quite difficult to cover most prices. 

A Call For A $1,400 Stimulus Check For Those On Social Security

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This has led the Senior Citizens League to make it clear to the leaders of the nation that the 5.9 COLA which would take place next year wouldn’t be enough for those dependent on social security. Mary Johnson, a Social Security and Medicare policy analyst at SCL recently stated that the last 21 years have seen COLAs increasing the benefits of Social Security by 55%, but this time around a stimulus check payment needs to be added to the overall increase due to increasing prices. 

The bare fact is that the social security benefits haven’t been able to keep a check on the increase in costs which has put a large section of the beneficiaries in a position of extreme vulnerability. The SCL has further called on Congress to issue a stimulus check payment worth $1,400 to every Social Security beneficiary to increase their power of purchasing. Although this payment may not be of help in the long run, it should help alleviate the impending crisis. 

A stimulus check becomes even more important when reports come up of seniors cutting their prescriptions to make their finances last. 

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