Democratic Senator Bernie Sanders is pushing for a new bill that could give current and future Social Security recipients a bit more cash in their monthly checks. The Social Security Expansion Act was introduced to Congress by Sanders and Peter DeFazio last year but didn’t get much traction.
This time, Sanders has gained more support from other lawmakers, including Elizabeth Warren, Jan Schakowsky, and Val Hoyle. They are now hoping to give a $200 bump in monthly benefits to anyone currently receiving Social Security or who will turn 62 in 2023. That’s an extra $2,400 a year, folks!
How can they afford this, you ask? According to Sanders’ office, the funding would come from taxing the highest earners in the country. That means a CEO making $30 million would finally pay their fair share, instead of contributing the same amount as someone who makes $160,000 a year.
Why is this important, you wonder? Well, the Social Security program is severely underfunded and may not be able to pay full benefits in 13 years without some action. Plus, the bill comes at a time when inflation is high, and seniors on fixed incomes are feeling the pinch. Nearly 40% of seniors rely on Social Security for a majority of their income, and one in seven rely on it for more than 90% of their income.
But wait, there’s more! The new bill could also extend the solvency of Social Security until 2096, meaning future generations can also receive benefits. And don’t worry, the bill won’t raise taxes on households that make $250,000 or less.
Sanders and Warren are also responding to proposed cuts to Social Security as the US faces its latest debt ceiling crisis. While GOP leaders, like Mitch McConnell and Kevin McCarthy, have stated they don’t want to cut Social Security or Medicare, the bill would ensure that these entitlement programs are strengthened and expanded for everyone.
So, if you’re a Social Security recipient or plan to be one soon, keep an eye on this bill. It could mean a few extra bucks in your pocket and a bit more security for your future. And if you’re a Wall Street CEO making millions, it’s time to pony up your fair share.