There’s a very legitimate reason the Senior Citizens League has asked for a new stimulus payment: Prices are soaring. When Social Security beneficiaries experience periods of high inflation, their purchasing power declines exponentially. Food prices rose by 1.2% and 1% respectively in September and October.
Of the products that are mainly commodities, dairy products, grains and meat have increased the most over the past year. A recent Household Pulse Survey conducted between September 29 and October 11 found that about 5% of seniors often did not have enough to eat. Also, 18% of the over-65s found it quite difficult to cover most prices.
A call for a $1,400 incentive check for people on Social Security
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This has prompted the Senior Citizens League to make it clear to the nation’s leaders that the 5.9 COLA due next year would not be enough for those dependent on Social Security. Mary Johnson, a Social Security and Health Care Policy Analyst at SCL, recently stated that COLAs have increased Social Security benefits by 55% over the past 21 years, but this time a stimulus check must be added to the overall increase due to rising prices. .
The plain fact is that Social Security benefits have failed to contain the rise in costs, leaving a large proportion of beneficiaries in an extremely vulnerable position. The SCL has further called on Congress to pay a check worth $1,400 to any Social Security beneficiary to boost their purchasing power. While this payment may not help in the long run, it should help alleviate the looming crisis.
A stimulus check becomes even more important when reports come in of seniors canceling their prescriptions to keep their finances up.
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