VSProgress has come under a lot of pressure from Senior League (TSCL) as they push for a unique $ 1,400 Social Security Stimulus Payment for seniors. This is due to the uncertainty in the United States following an increase in COVID-19 infections since the emergence of the new, albeit milder, Omicron variant. This payment would essentially act as a fourth dunning check.
The 2022 cost of living adjustment (COLA) is expected to increase by the highest amount in four decades, pushing many seniors into a higher tax bracket. dunning check In theory, it will help offset the additional costs.
Over the past 21 years, “COLAs have Social Security benefits by 55% “, affecting the elderly due to overhead costs greater than the increase in COLA, as evidenced by the fact that housing and health care costs increased by 118% and 145%, respectively.
“We heard from thousands of them [seniors] who have exhausted their retirement savings, ”said President of TSCL, Rick Delaney. “Many have written to us that ‘our government has forgotten us’. A stimulus check for $ 1,400.00, for Social Security recipients could be a way to provide them with additional tax-free income. “
Prices in the United States are rising at an astronomical level, with the Bureau of Labor Statistics even reporting that since October 2020, consumers are paying an average of 6.2% more in the market. Some things like food increased 5.3% while energy costs increased over 30%.
Stimulus check for Social Security recipients
The House of Representatives adopted the Rebuild Better Act back on Friday, November 19, and that includes some benefits for the elderly, although there is no sign of a dunning check.
Medicare will be expanded to include hearing services, while the government will have more power to negotiate drug prices with drug companies, but this bill will not pass in the Senate until 2022.
This is due to the fact Democratic Senator Joe Manchin said he would not support the Rebuild better bill, which means the millions of people he supports are now being left behind. While progress is expected in 2022, the $ 1.9 trillion bill will not have the green light in 2021.