As the money from the 3rd stimulus check dries up, low-wage earners are desperate for some good news to see them through the pandemic. Reports suggest that a 4th stimulus check is vital to help large sections of the population pay for their essentials.
The recovery of the American economy has not been as rapid after the pandemic as the administration had hoped. It has been a sluggish recovery as certain sections of the economy continue to be severely affected by the downturn caused by the pandemic.
The study concluded that low earners had benefitted most from the 3 stimulus checks. But most have spent their $1,400 within 3 months and are desperate for further assistance till the situation normalizes.
3rd Stimulus Check Lasted Only 3 Months
The money received in the 3rd stimulus check was mostly spent on food, rent, and utility bills. Things have turned full circle, and they are suffering as they did in the pre-pandemic days.
The situation has been further aggravated due to the logistic logjam across the nation. A dearth of workers willing to join the workforce has left goods-laden ships stranded in ports across the US.
The Senior Citizen’s League has said Congress has to get their act together. Though a 5.9% rise was announced by the Social Security Administration in social security benefits, it translates to an addition of only $92 per month.
But this adjustment for costs (COLA) amount is driven by inflation, and merely keeps up with rising inflation. With the monthly payment being the sole means of income for seniors, they are having a trying time keeping up with expenses.
Most seniors have drained their savings and are now having to forego meals and medicines to keep up with monthly expenses. The League has proposed a stimulus check matching the amount of the third stimulus check. they say that rising inflation will eat into the COLA , andit won’t make any difference in the condition of the seniors.
Grocery store, farm, and meatpacking workers will be entitled to $600. It is being paid from a $700M federal fund. Federal officials are yet to give details of the way they intend to proceed with these stimulus check payments.
