The Social Security Expansion Act was proposed by Senator Bernie Sanders. A bill introduced in February has been revived.
The goal is to ease pressure on America’s elderly by providing Social Security with additional funds. Those receiving Social Security payments or turning 62 this year will receive an additional $200 per month, or $2,400 per year if the bill is passed and signed.
Social Security Saves Millions Of Americans
Since “almost half of older Americans have no retirement savings and almost half of our nation’s seniors are attempting to survive on less than $25,000 per year,” “Our job is not to cut Social Security,” Sanders said in the statement.
As the Republicans control the House of Representatives, it is unlikely that the bill will pass. Without their support, the bill will not reach the president’s desk. Although they have stated that they will not cut Social Security, not everyone believes them. The program’s assistance is essential for the survival of millions of Americans.
According to a press release from Senator Sanders’ office, “Nearly 40% of seniors rely on Social Security for the majority of income; 1 in 7 relies on it for more than 90% of income; and nearly half of Americans aged 55 and older have no retirement savings at all.”
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How Will The Bill Be Costed?
There is a continuing concern that beneficiaries of Social Security will no longer be able to receive their full benefit after the year 2035 if additional funding is not provided.
The Social Security Board of Trustees presented their annual report on the health of the Social Security Trust Funds back in March. The report analyzed the previous year’s financial data.
The report states that in just 13 years, or in the year 2035, no more money will be available for the Social Security program. The benefits of 66 million recipients will be cut in half if additional funding is not provided for the support.
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