$1400 fourth stimulus check update specifically focused on Social Security, retirement, disability, SSDI, survivors, SSI, and VA beneficiaries. The latest reports just released. All right. So I just came across a new report earlier today that I want to share with you in this video because it specifically talks about fixed income beneficiaries, Social Security, SSDI, SSI, VA, seniors, people with disabilities, low income, low income.
It also talks about a $1,400 stimulus check focused on these groups of people. And it also talks about, yes, inflation as well. So the report actually starts out by talking about all of these fixed-income beneficiaries. It talks about inflation. And it also talks about how seniors and all of these individuals are getting absolutely hammered right now by this rapidly rising inflation.
So basically, the report continues on to say that this inflation is outpacing the 5.9% cost of living adjustments that everybody was started receiving at the beginning of 2022. Remember that back in October of last year we heard the 5.9% and we were thinking, wow, this is great, a 5.9% raise to benefits. Well, it sounded nice in October, but these days, 5.9% oh, that’s way behind the curve. We’re talking about nearly 8% inflation right now and the cost of living adjustment was 5.9%. So the deal is we are way behind pace as far as where the cost of living adjustment really should be as of right now, with this inflation that continues to move much higher.
Now, at the same time, the report continued on to say that all of this inflation is depleting the purchasing power of fixed-income beneficiaries and all of your money that you get on a monthly basis from your monthly benefit. It is depleting your purchasing power. Essentially, prices continue to rise on everything. Therefore, what you can buy with your fixed-income benefit literally gets less and less and less every single month. Yeah, it’s a little bit frustrating, right?
I think all of us are probably in the same position where we look at what we go out and buy on a regular monthly basis, and the shopping cart or the bags continue to get a little bit less and less full every single week. Right, sorry. Every single month. And realistically, probably every single week as well. So that’s also what this report continued on to say.
Now, they also did say that last year in 2021 when they announced the Medicare Part B premium, by the way, 14.5% this was a historic raise to the Medicare Part B premium. So now we’re dealing with a very high inflationary period that all of us are going through right now. We’re all experiencing it. At the same time, Medicare Part B comes in with a record raise, 14. 5% to the Medicare Part B premium, once again further depleting the purchasing power and reducing monthly benefits for millions of beneficiaries.
Now, it also continued on to say it went on to cite a recent report from a couple of years ago showing that those individuals aged between 64 and 75 spend 75% of their income as in their monthly benefit on things including housing, food, and transportation. Now, I think that those numbers are probably a little bit more elevated today. Again, this report was from a few years ago, but again, it basically showed that age range 64 to 75 spent 75% of their income on housing, food, and transportation. Today it’s probably much higher than 75%. Right?
I think a lot of us in this community are probably saying I spent 100% of my income on food, housing and transportation. Right? So anyway, the report continues on to basically say now is the time to send out a $1,400 focused simulation check. And realistically, when this was actually first announced by the Senior Citizens League way back in September of last year, remember that they started gathering signatures on the petition that they were going to present to Congress calling on them to issue a $1,400 check specifically focused on about 70 million beneficiaries of Social Security retirement, SSDI survivors, and SSI benefits. Do you remember that?
Well, at the time, a $1400 check probably would have got the job done, provided it was actually established and actually sent out back in September or possibly October of last year, 2021. Here’s the problem here. We fast forward six months and $1400 check. Although it would be nice, it would help out a lot of people. Realistically, it’s not enough.
It is simply not enough. $1400 would not be enough to get everybody to where we actually need to be right now. We need to be pushing something more like $2,000, possibly even more than that, just to bring everybody back to even from all of the possible personal loans or the balances we’ve been floating on credit cards, maybe money we’ve been borrowing from friends and family I’ve been seeing down below in the comments section, some of you reaching out here over the last couple of months saying I can’t pay for anything anymore. I had to go out and get a personal loan. Nobody should have to be put in a position where you have to go get a personal loan because your Social Security benefit or your SSI benefit is simply not enough to cover the basic living expenses.
That seems really unfair to me. Anyway, I’m not really sure what Congress is thinking. But to me, it seems like nobody should have to be put in a position where you have to get a personal loan just to buy groceries. To me, that sounds really wrong. I don’t know.
But again, that’s just my opinion on it. I guess everybody has their own opinion. But to me, something about that just seems like I don’t know. It just seems like we’re waving the flag saying wrong, sorry, that something’s really wrong about that picture. Nobody should have to put in that position.
But again, so anyway, this report was actually pretty interesting and it basically just slammed basically what’s going on right now. The whole situation with all this inflation and all of this inflation continued to rise very rapidly. Also calling out the Federal Reserve, basically saying, hey, the Federal Reserve dropped the ball. They should have been raising interest rates a long time ago to get in front of this inflation. And here we are, we’re running high at about 8% inflation right now, or nearly that which, by the way, the next report will be out on the 12th of the month.
So a couple more well, not even a couple of weeks. It will be about a week and a half now until we get the next report here. And that will be the next inflationary reading, the CPI data release. So that’s actually expected to come in around the mid eight and a half percent range. So again, this is getting away from everybody right now.
So the calls for a $1,400 focused stimulus check continue to get louder and louder. Here’s the thing, though, is Congress listening? Well, that’s the real question. Is Congress and the administration listening as these calls for a $1,400 or even better, in our opinion, we’d probably say $2,000, possibly even more than that to help out the low income. Now, here’s what’s interesting about this as well.
Now, again, it’s just total transparency right here. They did not talk about this in the report, but this is just me throwing this out there. Remember back in early 2020 when they talked about a potentially raising benefits by $200 a month? Remember that whole thing? Yeah, of course, we all remember that one.
But here’s the thing. Back then, maybe a $200 per month raise, maybe it would have been really helpful, but realistically. But basically what I’m getting at right now is that if we were to be implementing a $200 per month raise, now would be the time that they should be implementing something like that and introducing it realistically. Back in 2020, inflation was not that high. It was like mid 2% range.
It was not that high at all. It was just completely reasonable. But if we wanted to be talking about an extra $200 per month right now, now would certainly be the time. Congress, if you’re listening, now would certainly be the time to be introducing a $200 per month raise to all these beneficiaries. This would be the time where it would actually be a little bit transformational and it would be a little bit life-changing for millions of beneficiaries and realistically, it probably just give everybody the money that is needed right now to actually pay for the same old things that we were buying last year.
Just because inflation has jacked up the price on literally everything so much, we’re probably paying an extra $200 a month just on the same old things we were buying last year. Actually, what’s interesting just comes down to that same report that they talked about yesterday saying that the average household, according to a Bloomberg economist, is saying that we’re going to be paying an extra $5,200 per household this year on the same old things we bought last year. So not really sure who has an extra $5,200 lying around to buy the same old things we bought last year, but that’s what they’re anticipating for this year. Anyway, a pretty good report that I came across earlier today and I just wanted to share those details with you right here on this topic. Either way, as I do get more information and as Congress continues to work their way through any type of stimulus packages or any more details on a $1,400 focused stimulus check or anything like this, of course, I’ll continue to bring you these updates as well as any additional reports or information that I can find on any types of these topics.
I’ll catch you again later in the next update. Thanks again.