The petition to try to get Congress to pass a fourth stimulus check to help seniors is still being debated by Americans.
With the cost of inflation pushing up prices for seniors already struggling to afford their necessities, some argue that this check could offset some of the cost.
Inflation is the highest in 30 years. The COLA increase was the highest in nearly 40 years.
Related: Stimulus Check: These People Will Be Surprised With a $1,400 Incentive Check Next Year
Despite a 5.9% increase for seniors collecting Social Security, inflation and rising Medicare costs are negating this.
Unfortunately, the increase will also push some beneficiaries into a higher tax bracket. These people may not benefit much from the extra $92 per month.
The Senior Citizens League believes another $1,400 for this particular population would greatly benefit them.
Related: COLA: Social Security Benefits in 2022
86% of benefit recipients agreed that the 1.3% increase at the end of 2020 did not cover the higher costs of spending in 2021.
Many have been forced to dive into their retirement accounts and, in some cases, deplete them completely.
Others say they eat only one meal a day to make ends meet. Some cut their pills in half to make them last longer. They cannot afford food or prescription drugs.
Related: Stimulant Check: Will Social Security recipients get a fourth check next week?
The petition was launched earlier this year to help seniors. It is said that the $1,400 would offset the Medicare Part B increase and the higher taxes if they ended up in a higher tax bracket.
If passed, the measure could cost $90 billion dollars to deliver the $1,400 check to 64 million Social Security recipients.
The audit, if passed, will not take place in 2021 as lawmakers focus on getting President Joe Biden’s agenda passed before next year.
Related: Social Security: Will You Get a Maximum of $3,895?
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