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Saturday, June 25, 2022

4th Stimulus Check For Social Security Beneficiaries

The multiple stimulus checks were a huge relief for millions of citizens severely affected by the pandemic. Seniors were among the most affected groups as they have been further restrained by the high inflation that has followed.

Americans continue to hope for a 4th stimulus check as the effects of the pandemic refuse to die down. While successive variants have prevented a return to normalcy anytime soon, the nagging suspicion that the vaccine might not be a permanent solution to the pandemic has made it harder.

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The unprecedented flare in the inflation rate has further complicated matters. It has been seen that inflation has increased the monthly expenses of an average American family by anywhere between $250 and $300.

Senior Say That The Stimulus Check Can Offset The High Inflation

The Senior Citizens League maintains that another stimulus check worth the same amount as the previous one would be helpful at this stage. With seniors surviving on fixed incomes, and with the increase in the Cost Of Living Index, many would be forced into paying taxes, offsetting the 5.9% increase in income in 2022.

The rate was calculated around October 2021. But there has been an unusual spurt in the inflation rate, that has crossed the 7.5% mark. The most affected have been medical costs and the cost of basic amenities. 

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Seniors say that they have been forced to choose between their meals and medicine and have cut down on either to meet expenses. Many are surviving on a single meal and have cut down on their prescription medicines.

The possibility of a 4th stimulus check seems bleak at this point and seniors have to survive on their Social Security check. The federal administration is focused on the social and infrastructure bills. The Build Back Better Bill promises to address the issue for the seniors. The bill has reached a dead-end in the Senate with Democrat Senators Joe Manchin and Kyrsten opposing the bill. If President Biden manages to push through the bill, seniors can also hope for enhanced Medicare support, including fro hearing aid.

There will also be greater control over the prices of medicine by the federal government.

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