A fourth stimulus for seniors?
While no one should hold their breath for any more stimulus from Congress, the nonpartisan Senior Citizens League believes one is necessary. Inflation has indeed accelerated, with steep prices increases for gas, food, cars and other necessities in 2021. It is squeezing older Americans, particularly with fixed, often modest incomes. The league says seniors have been skipping meals and doses of essential medication. While a cost of living adjustment to Social Security benefits will occur on January 1st that is predicted to be the highest in decades at over 6%, the league claims seniors need assistance now. Missing from the piece, though, is acknowledgement that all but the wealthiest seniors already got $3,200 ($6,400 for a household of 2) between April 2020 and April 2021 in a pandemic year 2020 that saw zero inflation. Further, the pandemic left retirees virtually unscathed financially in 2020 as they did not lose income from a job as workers did. Social Security benefits never decrease. Still, the case for more funds is made in the full piece written by Sigrid Forberg here.