The stimulus check will be the fourth.
The Senior Citizens League (TSCL) has put pressure on Congress to pass a one-time $1,400 Social Security stimulus payment for seniors, given the uncertainty in the United States as it deals with a sharp rise in pandemic infections as a result of the Omicron variant, and this would act as a fourth stimulus check.
The cost-of-living adjustment (COLA) is expected to rise by the most in four decades in 2022, putting many seniors in a higher tax band, so this stimulus check would presumably help offset the additional expenditures.
COLAs have boosted Social Security payments by 55 percent over the previous 21 years, hurting seniors since general expenses have outpaced the COLA rise, as seen by the fact that housing and healthcare prices have climbed by 118 percent and 145 percent, respectively.
TSCL Chairman Rick Delaney said, “We’ve heard from hundreds of them [seniors] who have depleted their retirement resources.” “‘Our government has forgotten about us,’ several people have written to us. For Social Security users, a $1,400.00 stimulus payment might be a method to earn additional non-taxable income.”
Prices are skyrocketing throughout the United States, with the Bureau of Labor Statistics revealing that since October 2020, customers have paid an average of 6.2 percent more across the board. Food prices have increased by 5.3 percent, while energy expenses have increased by more than 30 percent.
Social Security beneficiaries will get a stimulus cheque.
On Friday, November 19, the House of Representatives approved the Build Back Better Act, which contains certain benefits for seniors but no mention of a stimulus payment.
Medicare will be extended to cover hearing services, and the government will have additional bargaining power with pharmaceutical corporations, although this law will not be ratified in the Senate until 2022.
This is because Democrat Sen. Joe Manchin has said that he would not support the Build Back Better measure, leaving millions of Americans in the dark. While progress is anticipated in 2022, the $1.9 trillion measure will not be approved in 2021.