A Social Security proposal in Congress for an additional $2,400 in checks has been expanded and reintroduced.
According to Fragassi, Sanders reintroduced the Social Security Expansion Act to Congress on February 13 after the previous plan lapsed.
Social Security Expansion Act
Sanders forged a new coalition with Senator Elizabeth Warren and Representatives Val Hoyle and Jan Schakowsky. Despite proposals to slash funds, these lawmakers rekindled enthusiasm for the proposal.
Republican leaders, for their part, have stated that they are not interested in cutting Social Security or Medicare. According to The Hill, Senate Minority Leader Mitch McConnell (R-Ky.) made remarks on the matter as recently as February 14.
This stance was shared by House Speaker Kevin McCarthy (R-Calif.), who stated in January that cutbacks to Social Security and Medicare should be “completely off the table.” McCarthy stated that his party still supports these entitlement programs.
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Proposed Bill Intends To Alleviate Financial Stress
Aside from the debt ceiling debate, the bill is topical for a couple of reasons. First, it comes on the heels of a Social Security Administration declaration in 2022 that Americans will no longer get their full benefits in approximately 13 years unless action is taken to strengthen the program.
It also comes at a time of historically high inflation, which has a disproportionate impact on seniors on fixed incomes, many of whom rely solely on payments. “Nearly 40% of seniors rely on the benefits for a majority of their income; one in seven rely on it for more than 90% of their income; and nearly half of Americans aged 55 and older have no retirement savings at all,” according to a press statement from Senator Sanders’ office.
The new bill intends to alleviate financial stress by increasing each recipient’s monthly paycheck. As of December 2022, the average monthly payout was around $1,658 per month, thus a $200 increase would represent a 12% increase.
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