Social Security Fairness Act
The Social Security Fairness Act is a proposed bill in the United States that would increase Social Security benefits for certain groups of people. The bill was introduced in the House of Representatives by Representative John Larson (D-CT) and in the Senate by Senator Bernie Sanders (I-VT).
Key Provisions of the Bill
The Social Security Fairness Act would:
- Increase Social Security benefits by 2% for all beneficiaries
- Increase the minimum Social Security benefit by 10%
- Index Social Security benefits to inflation, so that they keep pace with the cost of living
- Eliminate the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduce Social Security benefits for certain people
Arguments in Favor of the Bill
Supporters of the Social Security Fairness Act argue that it is necessary to ensure that Social Security benefits are adequate to meet the needs of retirees. They point out that Social Security benefits have not kept pace with the cost of living in recent years, and that many retirees are struggling to make ends meet.
Arguments Against the Bill
Opponents of the Social Security Fairness Act argue that it would be too expensive and that it would not solve the long-term financial problems facing Social Security. They also argue that the bill would unfairly benefit some groups of people over others.
Current Status of the Bill
The Social Security Fairness Act was introduced in the House of Representatives on March 9, 2023, and in the Senate on March 16, 2023. The bill has been referred to the House Ways and Means Committee and the Senate Finance Committee.
Long-Term Financial Outlook of Social Security
The Social Security Trustees have estimated that the Social Security Trust Fund will be exhausted by 2035. This means that if no changes are made, Social Security benefits will be cut by 20% across the board.
The Social Security Fairness Act would not address the long-term financial problems facing Social Security. However, it would provide some relief to retirees in the short term.
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