Democratic Sen. Bernie Sanders (Vt.) on February 13, formally reintroduced The Social Security Expansion Act to Congress and had a lot more support from fellow lawmakers pushing the initiative.
$2,400 Social Security Expansion Act Proposal Reintroduced In Congress (PHOTO: The Hill)
The Social Security Expansion Act
The Social Security Expansion Act was first presented on June 9 by Sanders and US Rep. Peter DeFazio (D-Ore.). Under terms of the bill, anyone who is a current Social Security recipient, or who will turn 62 in 2023, would obtain an extra $200 in each monthly check. Hence, Social Security recipients could get an additional $2,400 a year in benefits if the bill passes its approval, something seniors would no doubt welcome as inflation wipes out their annual cost-of-living increases.
While the initial June 9 opening of the measure has remained dormant, Sanders and a new coalition of backers including cosigners Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) have restored interest amid offered cuts to Social Security as the country encounters its latest debt ceiling crisis.
The recent version of the bill also provides a way forward for the severely underfunded program, assuring that future generations can obtain benefits through 2096 by taxing the highest earners in the country. A press release from Sanders’ office, that this will all be accomplished without increasing taxes by one penny on over 93% of American households that make $250,000 or below.
Social Security Recipient Can Retire Comfortably If The Bill Will Pass
GOBankingRates reported that during a time when nearly half of older Americans have no retirement savings and almost 50% of our nation’s seniors are trying to survive on an income of less than $25,000 a year. Moreover, Sanders that it is their job not to cut Social Security benefits.
Sanders wants to pass the Social Security Expansion Act so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need. The legislation that was introduced will expand Social Security benefits by $2,400 a year and will extend the solvency of Social Security for the next 75 years by making sure that the wealthiest people in the society pay their fair share into the system.
Currently, Wall Street CEO who makes $30 million pays the same amount into Social Security as someone who earns $160,000 a year. The bill puts an end to that absurdity that will allow the protection of Social Security for generations to come while lifting millions of seniors out of poverty.
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