COVID- The incidence of Omicron virus infections has grown in the United States, underscoring the importance of conducting the fourth stimulation check. The Senior Citizens League, according to marcanews.com, is urging Congress to pass legislation that would provide seniors with an additional $1,400 stimulus payment.
As a result of growing inflation, the cost of basic essentials has risen dramatically. Poor and elderly Americans who rely on social security benefits are the worst hit, as they struggle to make ends meet on their meager salaries.
Following the release of new figures, the cost of living adjustment (COLA) is expected to be at its highest level in 40 years by 2022. As a result, a significant proportion of pensioners will face a higher tax rate. The new stimulus check will help to alleviate some of the pain caused by rising commodity costs.
According to figures provided by the Bureau of Labor Statistics, price rises in the United States have recently reached stratospheric heights. Because of increased expenses, consumers have been forced to spend more money since October of this year.
Food prices have increased by more than 5% in the last year alone, while energy costs have increased by 30%. The average senior citizen’s energy costs are projected to grow considerably higher due to the forthcoming harsh winter weather.
The Stimulus Checks and COLA Jits for 2022
One of the most disconcerting facts for the elderly is that the cost of living has risen faster than the Consumer Price Index (CPI). Social Security benefits have increased by 55 percent as a result of the COLA. Housing and healthcare costs, on the other hand, have increased by 118 percent and 145 percent, respectively.
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Sen. Joe Manchin, a Democrat from West Virginia, has declined to support the much-lauded Build Back Better Act. Although the BBB act contained some support for the elderly, there is yet to be any implementation of a stimulus check.
Increasing the government’s bargaining power with pharmaceutical companies over drug prices has been discussed multiple times in recent years.
The BBB act is “medicine that will aggravate the precise condition it professes to treat,” according to West Virginia Democratic Senator Joe Manchin. Others claim that the law was the catalyst for inflation, which would eventually lead to economic catastrophe.