Democratic Senator Bernie Sanders formally reintroduced The Social Security Expansion Act to Congress on February 13.
Under this bill, Social Security recipients could get an additional $2,400 a year or an extra $200 in each monthly check. This bill would greatly help pensioners with the surging inflation and increasing cost of living.
The bill was first introduced on June 9 by Rep. Peter DeFazio (D-Ore.) and Senator Bernie Sanders. Initially, the bill was not well received last year and did not even make it to a vote during the 117th Congress. Several legislators have expressed their renewed interest amid the proposed cuts to Social Security and Medicare, as reported in GOBankingRates.
What’s New in this Bill?
Senator Bernie Sanders said the bill aims to expand Social Security, not cut its budget. Aside from the yearly benefits of $2,400 to Social Security beneficiaries, the bill also includes an extension of solvency for 75 years – all without raising the taxes by collecting taxes on the wealthiest people. He said, “And we will do that by demanding that the wealthiest people in America finally pay their fair share of taxes.”
Republicans Clarified No Plans in Cutting Social Security, Medicare
It was previously reported that several Republicans planned to curb government spending as part of their solution to the debt-ceiling problem last month. Speaker of the House Kevin McCarthy (R-Calif.) voted against lifting the debt ceiling unless there is a significant federal spending reduction.
However, Senator McCarthy has reiterated that the Republicans support these entitlement programs. Senator Mitch McConnell (R-Ky) also emphasized that the House Republicans have no interest or agenda to cut Social Security or Medicare.
Social Security Expansion Act
Senator Bernie Sanders’ Social Security Expansion bill is quite timely in addressing the problem of the pending insolvency of Social Security benefits. The Social Security Administration announced in 2022 that Americans might not receive their full Social Security benefits as the fund is depleting.
The act is also timely as it would help the beneficiaries deal with the surging historical inflation. According to Senator Sander’s office, “Nearly 40 percent of seniors rely on Social Security for most of their income; one in seven relies on it for more than 90 percent of their income.”
The proposed bill aims to ease the recipient’s financial strain by providing an extra $200 on top of the $140 monthly check.