Over the past few years, the Covid-19 pandemic has had a profound impact on people’s daily lives. Family finances were severely impacted as a result of the country’s financial crisis and subsequent economic downturn.
As a result, lawmakers on both the federal and state levels are eager to get these direct payments implemented as soon as possible to assist these families in overcoming their financial difficulties. There have been three waves so far, and while many Americans have received their checks, there are still some who haven’t. However, in certain instances, they have been given cash.
Nonetheless, it appears that these payments haven’t been sufficient, as high inflation and general prices have rendered them ineffective. Because of this confluence of events, many people are seeing their savings dwindle. As of this time, costs have increased by more than 9 percent compared to the same period the previous year. Basic necessities like gas and kitchen equipment have seen price increases as well.
Stimulus Checks for Senior Citizens
According to the Senior Citizens League, the rising demand for Social Security payments can be attributed to a decrease in applicants’ net worth of approximately 40%.
It looks like the IRS and Social Security really hurt the Senior Citizens and Veterans with the 3rd Stimulus payment. We should of receive the payment first not last. And we still do not have a date when the IRS will send the payment..
— Frank LaBarron Jr. (@jr_labarron) March 29, 2021
The TSCL petitioned Congress last year for increased funding for the nation’s senior citizens. After studying this idea, the chamber made it a top priority to increase stimulus checks for senior citizens. Help with checks up to $1,400 is included in this petition for those 60 and up. There will be about 15 million retirees receiving these stimulus payments.
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