One Group Is Getting A Stimulus Pay Boost

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Representation. A COVID-19 stimulus check.

While a petition from Americans for monthly $2,000 stimulus checks hasn’t gained much traction when it comes to action being taken that makes payments a reality, a separate movement to get aid to one particular group has seemingly had some success.

While a call from The Senior Citizens League for a $1,400 fourth stimulus check hasn’t quite had an effect on Congress either, it is continuing to grow steam, WJW, a Cleveland-based Fox affiliate reports. A petition has been signed by more than 95,000 people thus far. The petition specifically noted that while Social Security benefits had increased by 1.3% in 2021, it averaged to only about $20 a month for most seniors, and with record inflation, most recipients indicated that they weren’t able to keep up with expenses as a result.

While the call for a check hasn’t had success, the call to give senior citizens more aid was heard, and as a result, the 2022 Social Security Cost of Living Adjustment (COLA) increased to its highest amount yet, with a 5.9% increase, a boost of approximately $92-$93 a month. According to CBS News, those born between the 1st -10th of the month received their first checks on Jan. 12, with those born between the 11th and the 20th getting theirs on the 19th. Everyone else will receive a payment on Jan. 26.

However, while the extra benefits may seem like a lot, and will allow typical monthly checks to rise to about $1,658, it still isn’t seen as enough to help struggling senior citizens, who will also be paying a 14.5% increase for Medicare Part B, and like all other Americans, will continue to be affected by record-setting inflation when it comes to everyday expenses, such as gasoline and food.

“If they want to buy meat, or if they are buying gas or have home heating fuel, that [COLA] increase is going to get crushed by those expenses that have gone up,” Lella LaVigne, vice president of consumer insights at Allianz Life told CBS.

The Senior Citizens League has also noted that while an increase in COLA benefits is good, it still isn’t going to help much.

“We are still going to see this tremendous problem with prices increasing faster than the COLA,” Mary Johnson, Social Security and Medicare policy analyst for the SCL said. ”Even with that 5.9% COLA, inflation through November was up 6.8% for the past 12 months, and it looks like economists are forecasting that may continue.”

“So, retirees, anybody living on a fixed income, need to be aware that the 5.9% may look like a bigger increase than we’ve ever gotten. But once they go through their household budget, they will realize it still won’t pay for all the increasing bills.”

However, despite the continued calls for senior-specific and other stimulus checks, the government appears to have no interest in cutting another round.


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Photo: Pixabay

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