Vermont Democrat Bernie Sanders has revived his Social Security expansion legislation with more support from his Senate colleagues.
Social Security recipients or those who turn 62 this year will receive an extra $200 per month, or $2,400 per year if the plan is passed and signed into law.
The Proposal will Extend the Solvency of Social Security
On June 9, Sanders and U.S. Representative Peter DeFazio (D-Ore.) proposed the Social Security Expansion Act.
If passed, the bill will increase monthly Social Security payments by $200 for all current recipients and those who reach retirement age by 2023.
It would mean that seniors receiving Social Security would receive an annual rise of $2,400 in payments, which is great news in light of the fact that inflation has effectively nullified their cost-of-living increases in recent years.
The most recent draft of the proposal provides a path ahead for the badly underfunded program by taxing the nation’s richest incomes to ensure that future generations can receive payments through 2096.
The proposal will ensure that the richest members of society continue to contribute their fair part to Social Security for the next 75 years.
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GOP leaders oppose Medicare and Social Security cuts.
Republican Party officials have also said they oppose any changes to Medicare or Social Security.
According to The Hill, Senate Minority Leader Mitch McConnell (R-Ky) discussed the issue as recently as February 14.
The Social Security Expansion Act bill is timely for more than just the current discussion around the debt ceiling problem.
First, it’s in response to a 2022 Social Security Administration announcement that, unless something is done to strengthen the program, Americans will no longer get their full Social Security benefits in roughly 13 years.
In addition, it occurs at a time of historically high inflation, which has a disproportionately negative effect on retirees on fixed incomes, many of whom rely only on Social Security payments.
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