As a result of increased prices, retirees all around the United States are feeling the strain. The growth in COVID-19 cases has exacerbated the problem. The federal government chose to stop providing stimulus cash after three rounds.
According to Marca, the Senior Citizens League (TSCL) is forcing a new round of stimulus checks on Congress. $1,400 in stimulus funds per individual will help them better their financial status. In addition, COLA benefits for Social Security recipients will be enhanced in 2022. It’s been forty years since we’ve seen such a significant COLA increase.
Cola Increases Have Never Been Higher During a Four-decade Period
According to the statistics, the COLA hike has resulted in a 55 percent increase in Social Security income over the last two decades. The price of basic essentials has grown considerably in recent years. Over the last decade, the cost of housing and healthcare has climbed by 118 percent and 145 percent, respectively.
In his report, Marca quotes TSCL chairman Rick Delaney as saying, “We’ve heard from thousands of seniors who have wasted their retirement money.” Many people have written to express their dissatisfaction with our government’s treatment of them. Providing a $1,400 stimulus boost to Social Security recipients might offer them with additional non-taxable income.
The Market Price’s Standard Deviation
The spike in the cost of various commodities has exceeded all previous records. Market items’ prices have climbed 6.2 percent since October 2020, according to the Bureau of Labor Statistics (BLS) (BLS). The price of food has climbed 5.3 percent, while the price of energy facilities has risen by 30 percent during the same period.
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Vice President Joe Biden proposed the $1.9 trillion Build Back Better measure, which was passed by the House of Representatives. The Biden administration, as well as many people around the country, were disappointed when the bill failed to pass.
There were extra financial incentives for citizens, like an extended child tax credit, albeit not included the fourth stimulus payment. Sen. Joe Manchin highlighted inflation and the US economy’s depletion as some of his key reasons for opposing the measure. As stimulus incentives expire, low-income families’ costs will rise, potentially pushing them further into poverty as the epidemic spreads.