Do Social Security recipients get a fourth stimulus check? – Community News
Stimulus Check

Do Social Security recipients get a fourth stimulus check?

Seniors suffer more than others as inflation continues to rise. The small cost-of-living increase in their Social Security income for 2021 was insufficient to match the rising costs of everything from burgers to gasoline in the second half of the year. Some seniors are pushing for additional federal assistance. Will a fourth stimulus check be sent to Social Security recipients?

The impartial Senior Citizens League has asked Congress to send a fourth $1,400 stimulus to Social Security recipients by the end of the year. More than 75,000 people have signed the group’s petition in support of the additional benefit.

According to Mary Johnson, the league’s Social Security and Health Care Policy Analyst, the additional funds are needed to offset the meager cost of living adjustment to Social Security benefits for 2021.

“Social Security payouts were only increased by 1.3 percent, or $20 on average. Just a year ago, this had a significant impact on people’s purchasing power,” Johnson told Newsweek.

Read more: Eastern European countries hit by wave of Covid deaths

The main factors influencing cost of living adjustments are inflation and rising consumer costs. Every October, the Social Security Administration changes the annual payment based on what happens to the CPI-W in July, August, and September (Consumer Price Index for Urban Wages and Employees).

The 2021 Social Security Costs (COLA) change was set at an all-time low of 1.3 percent. It was based on W’s CPI forecast of 1.4 percent inflation in 2020. By comparison, COLA benefits in 2022 are at an all-time high of 5.9 percent, the highest in 40 years.

The fourth incentive payment of $600 will be delivered only to meat processors, farm workers and store employees, who have been among the hardest hit by the COVID-19 outbreak. The American Rescue Plan Act earmarked $700 million to help workers in various businesses, with $20 million specifically for grocery store workers.

However, these payouts are not made by the federal government. Most of the checks will be carried out by the state and regional authorities.

Subscribe to Honknews for the latest update daily.

About the author

Rakesh

Add Comment

Click here to post a comment