Senate approves bill to expand Social Security to millions of Americans
Senate approves bill to expand Social Security to millions of Americans
Senators approve a bill to expand Social Security benefits to millions of Americans, with President Biden expected to sign it into law.
Summary
The Senate passed the Social Security Fairness Act in a 76-20 vote, sending it to President Biden for approval.
The bill repeals the Windfall Elimination Provision and Government Pension Offset, which reduced Social Security benefits for nearly 3 million retirees, including teachers, police officers, and postal workers.
It also restores full benefits for surviving spouses and families of these workers.
Though backed by bipartisan support, some Republicans opposed the bill due to its $195 billion cost over a decade. Advocates hailed it as a victory for public service workers.
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What effect does this have on the solvency date?
Another article said it moves it closer by about six months. So it's still 9-10 years away
As a millennial I can't wait to receive the social security I'm paying into right now. I'm foaming at the mouth with excitement.
Thanks for the info!
I feel like this would accelerate that a bit. While this increases fairness in the system it's putting it further at risk in my opinion. They need to get rid of the cap, it's absurd to give someone already making massive amounts of income a break when the system is in need of more funding.
SS is a government ran ponzi scheme. I.e., it has to take money from new "investors" to pay out old "investors" to function.
It is a flawed system that is doomed to fail on its own eventually
The intent is to be a forced savings account. Yet not ran like that at all.
Vitriol aside is this not accurate? I mean, I wouldn't say it's "doomed" but I also don't think either side has the guts or political capital to save it.