No, Social Security Recipients Should Not Expect a 4th Stimulus Check
With inflation in America at an all-time high, seniors and others on a fixed income have been some of the hardest hit by the rising costs of groceries, utilities and fuel. In these tough financial times, many have been holding on to hope that a recent proposal to Congress calling for a new wave of $1,400 stimulus checks specifically for those receiving Social Security payments might be pushed through to the President’s desk. However, it doesn’t appear there’s been any action by Congress to put forth legislation as of yet.
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The proposal was the initiative of Rick Delaney, chairman for The Senior Citizens League (the largest national nonpartisan agency for seniors), who first addressed Congress about the idea in October 2021. As he shared in his letter to House and Senate representatives, as GOBankingRates previously reported, Delaney’s rationale stated, “We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums.”
Website VERIFY reached out to the Internal Revenue Service, the federal department that issues the checks, to inquire about the status of a fourth round of the Economic Impact Statements. A spokesperson stated that, currently, “There are no further stimulus payments authorized by law.”
Given that the last stimulus checks issued by the government came over a year ago in March 2021, with funds likely depleted for many by now, the latest update isn’t exactly welcome news, even as Social Security benefits were increased by 5.9% in January of this year to account for the higher cost of living standards. That increase has impacted about 70 million retired and disabled citizens (though not all) who count on these payments for monthly living expenses.
To help encourage Congress to act on the proposal for Social Security stimulus checks, TSCL has set up an online petition that anyone impacted can sign. The petition reads, “I (and/or my spouse) want Social Security recipients to receive a $1,400.00 emergency stimulus check to cope during this unprecedented inflationary year. Social Security benefits are one of the few types of income in retirement adjusted for inflation. But soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients. In 2021 Social Security benefits increased by just 1.3 percent raising the average benefit by only about $20 a month. But about 86 percent of Social Security recipients surveyed say their expenses increased by much more than that amount.”
At the same time, FOX News has reported that many seniors have signed up for SNAP benefits amid soaring grocery prices, while reports a probable 11% COLA increase in Social Security benefits to help those on fixed incomes.
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