With the U.S. public facing an increased risk of economic troubles due to a sharp increase in COVID-19 infections as a result of the Omicron variant, a fourth stimulus check for the elderly has become an essential next step.
During the COVID-19, three rounds of stimulus checks were distributed to citizens in the U.S. as the government sought to provide financial support amid rising inflation and job uncertainty; however, while a fourth stimulus check does not appear likely, Social Security beneficiaries may be in line for a surprise stimulus check package.
The Senior Citizens League (TSCL) has been lobbying Congress for another one-time Social Security stimulus payment of $1,400 for seniors since the beginning of 2022. This is in response to the current ambiguity in the U.S., which has arisen as a result of the rise in COVID-19 infections since the emergence of the new Omicron variant.
In essence, the payment would be a fourth stimulus check.
The cost-of-living adjustment (COLA) for 2022 has risen to its highest level in four decades, putting many seniors in a higher tax band. As a result, the stimulus payment is projected to assist in offsetting the higher expenditures.
TSCL has received almost 95,000 signatures on a petition about the $1,400 check for SS pensioners, so the pressure is mounting.
Prices in the U.S. are rising at an alarming rate, with the Bureau of Labor Statistics noting that since October 2020, consumers have paid an additional 6.2% on average across the market. Food prices have risen by 5.3%, while energy prices have risen by more than 30%.
The House of Representatives passed the Build Back Better Act in November. While it does not include a stimulus payment for Social Security recipients, it does include some benefits for seniors. These include provisions allowing the government to negotiate a limited number of drug prices with pharmaceutical companies each year, as well as the expansion of Medicare to include hearing services.
However, after crucial moderate Democrat Sen. Joe Manchin declared that he would not support the Build Back Better Act, the bill could not be passed before Christmas.
The bill would have extended the Child Tax Credit, but had no provisions for another stimulus payment. So far, members of Congress have remained mum on whether they support or oppose a focused stimulus package for seniors.
It is expected, however, there will be progress in 2022.
