Social Security Fairness Act
The Social Security Fairness Act is a bill that has been introduced in the United States Congress that would change the way that Social Security benefits are calculated. The bill would increase benefits for some low-income and middle-income retirees, and it would decrease benefits for some high-income retirees.
The Social Security Fairness Act was introduced by Senator Bernie Sanders (I-VT) and Representative John Larson (D-CT) in 2021. The bill has been endorsed by a number of organizations, including the National Council of Senior Citizens, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), and the National Association of Social Workers.
Key Provisions of the Social Security Fairness Act
The Social Security Fairness Act would make a number of changes to the way that Social Security benefits are calculated. These changes include:
- Increasing the Special Minimum Benefit: The Special Minimum Benefit is a benefit that is paid to low-income retirees who have worked in low-paying jobs for most of their careers. The Social Security Fairness Act would increase the Special Minimum Benefit by 122%.
- Indexing the Retirement Age to Life Expectancy: The Social Security retirement age is currently set at 67 for people who were born in 1960 or later. The Social Security Fairness Act would index the retirement age to life expectancy, so that it would increase as people live longer.
- Eliminating the Windfall Elimination Provision and the Government Pension Offset: The Windfall Elimination Provision and the Government Pension Offset are two provisions that reduce Social Security benefits for people who also receive pensions from other sources. The Social Security Fairness Act would eliminate these provisions.
- Expanding Social Security Benefits for Disabled Adults: The Social Security Fairness Act would expand Social Security benefits for disabled adults who are not eligible for Supplemental Security Income (SSI).
- Creating a new COLA formula: The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is currently used to calculate the annual cost-of-living adjustment (COLA) for Social Security benefits. The Social Security Fairness Act would create a new COLA formula that would be based on the CPI-E, which is a more accurate measure of inflation for the elderly population.
Impact of the Social Security Fairness Act
The Social Security Fairness Act would have a significant impact on the Social Security program. The bill would increase benefits for some low-income and middle-income retirees, and it would decrease benefits for some high-income retirees. The bill would also make a number of other changes to the program, including indexing the retirement age to life expectancy and eliminating the Windfall Elimination Provision and the Government Pension Offset.
The Social Security Fairness Act is a controversial bill. Some people argue that the bill is necessary to protect the Social Security program and ensure that it is able to provide benefits to future generations of retirees. Others argue that the bill is too expensive and that it would hurt the economy.
The Social Security Fairness Act is currently being considered by Congress. It is unclear whether the bill will be passed into law.
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