Retirees across the United States are feeling the pinch as a result of rising prices. The situation has been compounded by the rise in COVID-19 cases. After three rounds of stimulus funding, the federal government decided to discontinue.
According to Marca, the Senior Citizens League (TSCL) is pressuring Congress to pass a new batch of stimulus cheques. Individuals will get $1,400 in stimulus funding to assist them improve their financial situation. Additionally, in 2022, COLA benefits for Social Security claimants will be increased. It’s been forty years since we’ve seen such a large increase in the COLA.
During a Four-decade Period, COLA Increases Have Never Been Higher
Over the previous two decades, the COLA rise has resulted in a 55 percent increase in Social Security income, according to figures. The cost of basic necessities has risen dramatically in recent years. Housing and healthcare costs have risen by 118 percent and 145 percent, respectively, during the previous decade.
“We’ve heard from thousands of seniors who have spent their retirement money,” says TSCL chairman Rick Delaney, according to Marca’s article. Many people have written to voice their displeasure with the way our government treats them. Giving Social Security recipients a $1,400 stimulus boost might provide them with additional non-taxable income.
The Standard Deviation of the Market Price
The increase in the price of major commodities has surpassed all prior highs. Market goods prices have risen by 6.2 percent since October 2020, according to the Bureau of Labor Statistics. (BLS). Food prices have risen by 5.3 percent during the same period, while energy costs have risen by 30 percent.
The $1.9 trillion Build Back Better bill, offered by Vice President Joe Biden, was passed by the House of Representatives. When the bill failed to pass, the Biden administration, as well as many others throughout the country, were unhappy.
Despite the lack of a fourth stimulus payment, people were given additional financial incentives, such as an extended child tax credit. Sen. Joe Manchin cited inflation and the depletion of the US economy as two of his main reasons for rejecting the bill. Low-income families’ bills will grow when stimulus incentives expire, potentially driving them further into poverty as the pandemic spreads.