HomeStimulus$1,400 Stimulus Checks in 2022: Only for Social Security Beneficiaries? | Latest...

$1,400 Stimulus Checks in 2022: Only for Social Security Beneficiaries? | Latest Update

The rising number of COVID-19 infections in the United States, caused by the virus’s Omicron strain, has once again underlined the necessity for the fourth stimulation check. As a result, the Elderly Persons League is urging Congress to include a $1,400 stimulus check to the reports of senior citizens.

Essential commodity prices have risen as a result of the high level of inflation. It is affecting the most vulnerable members of society in the United States, such as the impoverished and the elderly, particularly retirees who are unable to make ends meet on meager social security pensions.

According to statistics, inflation has reached its greatest level in 40 years, and the cost-of-living adjustment (COLA) for 2022 is also expected to be the highest in 40 years. Many seniors will be pushed into a higher tax rate as a result. The new stimulus package will help to ease the agony of rising costs.

According to data from the Bureau of Labor Statistics, prices have grown at an alarming rate across the United States. Consumers have been paying more money owing to rising prices from October 2020. Food expenses have climbed by more than 5%, while energy costs have increased by 30%. With a harsh winter on the horizon, the average older citizen’s energy cost will go even higher.

Cola Jitters and Stimulus Checks 2022

One of the most upsetting truths for seniors is that the cost of living has risen faster than the COLA. The cost-of-living adjustment (COLA) has increased Social Security income by 55%. Housing and healthcare costs, on the other hand, grew by 118 percent and 145 percent, respectively.

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Is It True That Stimulus Funds in 2022 Will Exclusively Be Sent to Social Security Recipients?

The much-touted Build Back Better Act has run into opposition from Democrat Sen. Joe Manchin, who has refused to support it. Although the BBB legislation provided some assistance for the elderly, there is still no sign of a stimulus package. There have been proposals to increase Medicare provisions so that the government has more negotiating leverage with pharmaceutical firms when it comes to prescription costs. Sen. Joe Manchin, a Democrat, has called the BBB act “medication that would exacerbate the exact illness it is intended to prevent.” The economy would be sent into a spiral if the bill is blamed for causing inflation.

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