Although there have been several pleas for another stimulus check, Congress doesn’t seem that interested in the idea for another handout. Yet, there has been one pressure group that hopes legislators will be issuing a check of $1,400 to the senior citizens of the country- who would be suffering the most. The Senior Citizens League, a nonpartisan group, has mentioned that while Social Security is well set for a big bump the coming year, it won’t be enough to assure their survival.
Stimulus Check Demand: Inflation could send Social Security soaring
A stimulus check is quite necessary in these times, for steeper prices for food, gas, cars, and other commodities have been squeezing the American public. The situation will especially be tough for old people, who have a fixed, modest income. The league has claimed that several citizens have been skipping their meals as well as their doses of essential medication to stop their savings from ending quickly. Currently, consumer prices have spiked heavily- a process that took place over the summer. But with the rise in inflation, social security should increase too.
Several advocates have already predicted that the cost of living adjustment for the next year would go as high as 6.2%- which could be the largest boost seen over four decades. For an average retiree- who would be receiving a monthly stimulus check of approximately $1,543 this year, a rise of 6.2% would see the payment increase from $96 to $1.639 in 2022.
For around 55 million retirees, this could definitely mean that they would be getting bigger stimulus check payments every month- but there is speculation that bigger payments may be too little, too late.