Infections with the Omicron virus have increased in the United States, highlighting the critical nature of doing the fourth stimulation check. According to marcanews.com, the Senior Citizens League is lobbying Congress to adopt legislation providing seniors with an additional $1,400 stimulus payout.
The cost of basic necessities has increased considerably as a result of rising inflation. The poor and elderly Americans who rely on social security payments are disproportionately affected, as they struggle to make ends meet on small earnings.
Cost of living adjustments (COLA) is predicted to reach their highest level in 40 years by 2022, after the release of fresh numbers. As a result, a sizable share of retirees will pay an increased tax rate. The new stimulus measure will assist in alleviating some of the pain associated with increased commodity prices.
According to the Bureau of Labor Statistics, price increases have lately reached stratospheric levels in the United States. Since October of this year, customers have been obliged to spend more money due to higher expenditures.
In the previous year alone, food prices have grown by more than 5%, while energy expenses have increased by 30%. Energy expenditures for the ordinary older adult are expected to increase significantly as a result of the impending harsh winter weather.
The 2022 Stimulus Checks and COLA JITS
For the elderly, one of the most alarming realities is that the cost of living has increased faster than the Consumer Price Index (CPI). Benefits under Social Security have increased by 55% as a result of the COLA. On the other hand, housing and healthcare expenditures have climbed by 118 percent and 145 percent, respectively.
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Senator Joe Manchin, a West Virginia Democrat, has declined to endorse the much-hailed Build Back Better Act. Although the BBB act had certain provisions to assist the elderly, no stimulus check has been implemented.
Recent years have seen several discussions on increasing the government’s bargaining leverage with pharmaceutical firms about medicine costs.