this post was submitted on 21 Dec 2024
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175
Senate approves bill to expand Social Security to millions of Americans (www.cbsnews.com)
submitted 14 hours ago by [email protected] to c/[email protected]
17 comments fedilink hide all child comments
 

Summary

The Senate passed the Social Security Fairness Act in a 76-20 vote, sending it to President Biden for approval.

The bill repeals the Windfall Elimination Provision and Government Pension Offset, which reduced Social Security benefits for nearly 3 million retirees, including teachers, police officers, and postal workers.

It also restores full benefits for surviving spouses and families of these workers.

Though backed by bipartisan support, some Republicans opposed the bill due to its $195 billion cost over a decade. Advocates hailed it as a victory for public service workers.

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[–] [email protected] 11 points 10 hours ago

My parents were urging me to write my rep over this, but I think this is misguided at best

These two provisions were addressing a real issue with how SS benefits are calculated - typically your monthly benefit is a percentage of your average monthly earnings eligible for SS. Higher AIMEs are indexed down more than lower ones on a principle of need (those with lower lifetime earnings are likely to need more of a benefit to live through retirement). These provisions basically addressed fringe cases where low AIME's weren't necessarily a result of low earnings but of switching out of SS eligible income into a pension system

As I understand it, these simply indexed the monthly benefit down based on (largely outdated) assumptions about those earners. As others have pointed out - SS already has a solvency problem (it's been undermined for decades now), and further stressing that fund without expanding the tax base is just going to further stress it at a time when the GOP is itching to cut it across the board.

No question that our retirement system needs to be expanded, but this particular change seems reckless. I have to wonder why they chose to do this now

[–] [email protected] 26 points 12 hours ago (1 children)

[–] [email protected] 3 points 11 hours ago* (last edited 11 hours ago) (2 children)

If he thinks 93 to 3 and 76 to 20 is close, it's probably time to step down and let someone who's not a 74yo shill for fossil fuel interests get a say..

[–] [email protected] 11 points 11 hours ago (1 children)

Pretty sure hemeant it in jest.

[–] [email protected] 1 points 11 hours ago (1 children)

Maybe. Should still step down, though.

[–] [email protected] 6 points 10 hours ago (1 children)

Maybe even older people can retain a sense of humor, while others never get one.

[–] [email protected] 3 points 10 hours ago (1 children)

True. Betty White was hilarious until the end. Schumer, on the other hand, has never been known for great wit..

[–] [email protected] 4 points 9 hours ago

I've seen some witty remarks from him over the years. One of my favorites was when Republicans wanted to make it illegal to burn THE FLAG (gasp). Schumer was quoted something like: "I wish these people cared as much about what the symbol represents as much as the symbol itself."

[–] [email protected] 2 points 10 hours ago* (last edited 10 hours ago)

Sarcasm is hard to discern over text. Especially when journos don't bother to mention the speaker's tone.

[–] [email protected] 3 points 12 hours ago (3 children)

What effect does this have on the solvency date?

[–] [email protected] 9 points 9 hours ago (2 children)

Another article said it moves it closer by about six months. So it's still 9-10 years away

[–] [email protected] 5 points 9 hours ago

As a millennial I can't wait to receive the social security I'm paying into right now. I'm foaming at the mouth with excitement.

[–] [email protected] 2 points 9 hours ago

Thanks for the info!

[–] [email protected] 6 points 11 hours ago

I feel like this would accelerate that a bit. While this increases fairness in the system it's putting it further at risk in my opinion. They need to get rid of the cap, it's absurd to give someone already making massive amounts of income a break when the system is in need of more funding.

[–] [email protected] 2 points 13 hours ago (1 children)

... For people who get a government pension. I don't think this is good legislation unless the person needs to stop work for long term disability.

[–] [email protected] 16 points 12 hours ago

They pay the Social Security tax, so they shouldn't get the benefit?