Friday, June 19, 2020

Why Senator Toomey Criticism of Retirees Receiving Stimulus Check is Flaw

Senator Pat Toomey

Senator Toomey stated that the theory of "lost income" is nonsense. He criticized the social security recipients, and claimed that social security was not negatively impacted by covid, therefore, retirees did not lose income, yet, they still received the stimulus check. Senator believes that it is not right. 
The senator argument is flaw and shortsighted. Here is why: 
Yes, it is true that retirees did not experience a change to social security income, however, believe it or not, retirees had other incomes beside social security. They have 401Ks, IRAs, pensions, and many people who received social security income still work. If there was no stimulus package and the federal reserve didn't step in, can you imagine what the stock market would be without any aid? That will have a direct impact on the retirement savings of these retirees.

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