Credit cards have helped many households get through the last year, but the expensive interest will only make life harder going forward. It has drawn more than 2.9 million signatures - but little, if any, attention from Congress or the White House.įor now, here are some actions you can take to give yourself some financial relief.ĭeal with your debt. There's a different online petition that calls for a fourth stimulus check of $2,000 for most adults, followed by $2,000 monthly payments. Though the Senior Citizens League boasts more than a million supporters, its petition for a $1,400 stimulus check may go unheeded. They got $250 payments under President Barack Obama's Recovery Act other taxpayers simply had less tax money withheld from their pay. paid out relief similar to what the Senior Citizens League is pushing for now: a stimulus check that went primarily to people on Social Security. It included stimulus checks of up to $600 each for most taxpayers, with Social Security beneficiaries receiving at least $300.īut it was in May of 2009 that the U.S. Bush signed the Economic Stimulus Act of 2008 in February of that year. In hopes of containing the damage, President George W. Home prices crashed 30%, stocks dropped 57%, and unemployment rose from 5% to 10% during the extended crisis. The economy was in what the Federal Reserve says was its longest downturn since World War II, one that lasted from December 2007 to June 2009. did that a dozen years ago, in the midst of the Great Recession. The idea of stimulus checks directed only toward retirees isn't a new one - the U.S. Skyrocketing prices have been ravaging seniors’ bank accounts for a while, the league says, while the average Social Security recipient has had to make do with a monthly benefit payment in 2021 that's only about $20 larger than last year. Support for senior stimulus grows rapidly The truly eye-popping increases have been at the gas pump: In August, gasoline cost 42.7% more than a year ago, the government says.Ī forecast from the Senior Citizens League says inflation could push next year's Social Security raise to 6.2%, which would be the largest boost in nearly four decades. consumer prices have been up more than 5% versus last year - a level of inflation not seen since 2008. "Soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients," reads the petition, on the group's website. Some seniors indicate they've been skipping meals and doses of essential medication to meet expenses. Retirees need a fourth stimulus check because they're being squeezed by steeper prices for gasoline, food, used cars and many other things, the Senior Citizens League says.
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