Social security benefits expansion bill heads to Biden's desk
The bill바카라 게임 웹사이트s passage is a big win for public sector retirees but critics fear it will further destabilize the Social Security Trust Fund.
The bill바카라 게임 웹사이트s passage is a big win for public sector retirees but critics fear it will further destabilize the Social Security Trust Fund.
The bill바카라 게임 웹사이트s passage is a big win for public sector retirees but critics fear it will further destabilize the Social Security Trust Fund.
A bill expanding Social Security benefits for millions of Americans is now headed to President Joe Biden's desk. It바카라 게임 웹사이트s a big win for public sector retirees but critics fear it will further destabilize the Social Security Trust Fund.
For decades, federal policies have limited Social Security payments for many public service workers who also receive pensions.
"You're penalizing public servants, policemen, firefighters and educators," said Martha Karlovetz, a retired teacher who has been fighting to repeal those policies since 2001.
"It's estimated that I have lost about $110,000 since I started collecting social security," Karlovetz said. 바카라 게임 웹사이트Of equal concern is that, if my husband predeceases me, I would get none of his survivor benefits.바카라 게임 웹사이트
A bipartisan bill that has now cleared its final hurdle in Congress gets rid of two provisions 바카라 게임 웹사이트 the Windfall Elimination Provision and the Government Pension Offset. In doing so, the bill is expected to expand social security benefits for nearly 3 million Americans.
"Tonight, the Senate finally corrects a 50-year mistake," Senate Majority Leader Chuck Schumer declared when the bill passed early Saturday morning.
But that correction comes with a big price tag바카라 게임 웹사이트nearly 200 billion dollars. Senator Ted Cruz (R-Texas) said that will further strain the Social Security Trust Fund.
"It accelerates the insolvency of social security by six months," said Cruz.
That could impact everyone who relies on the program.
바카라 게임 웹사이트Hastening Social Security바카라 게임 웹사이트s insolvency will only make its consequences worse; benefits will be cut by an additional 1% while reducing lifetime benefits for a typical couple by $25,000,바카라 게임 웹사이트 said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in a statement.
According to the latest official estimates, the Old Age and Survivors Insurance Trust Fund will be unable to pay out full retirement benefits as early as 2033. At that time, retirees would receive just 79% of scheduled benefits if Congress doesn바카라 게임 웹사이트t take further action to shore up the program.
"We need to make sure retirees are receiving their fair share but we cannot do it at the expense of all beneficiaries and future generations," said Sen. Joe Manchin (D-W.Va).
But the bill's passage is a relief for police officer Joseph Woloszyn, who is readying for retirement in a few years.
바카라 게임 웹사이트It would be a big deal for me,바카라 게임 웹사이트 said Woloszyn, who also serves as president of the Virginia Police Benevolent Association. "What anybody is asking is just that we get a fair amount from what we put in. We're not asking for anything more, but certainly not anything less.바카라 게임 웹사이트
It remains unclear how Congress plans to shore up Social Security long term.
Senators shot down several amendments aimed at offsetting the cost, including one from Sen. Rand Paul (R - Kentucky) that would바카라 게임 웹사이트ve gradually raised the retirement age.
President-elect Donald Trump has said that Republicans 바카라 게임 웹사이트should not cut a single penny from Social Security.바카라 게임 웹사이트 Instead, he has pledged to cut federal spending in other areas he deems wasteful.
On the campaign trail, Trump also pledged to cut taxes on Social Security benefits. The Committee for a Responsible Federal Budget projects this and other campaign proposals would 바카라 게임 웹사이트dramatically worsen Social Security's finances바카라 게임 웹사이트 and advance insolvency by three years.