$200 Boost for Social Security, SSI, SSDI! [NEW August Update]

Introduced on June 9th by Democratic Representative Peter DeFazio from Oregon and Senator Bernie Sanders from Vermont, the bill would amount to a roughly 12% boost for the typical senior, amounting to an average $1,658 check and a $2,400 annual increase.“ At a time when half of older Americans have no retirement savings and millions of senior citizens are living in poverty, our job is not to cut Social Security,” Sanders said.“ Our job must be to expand Social Security so that every senior citizen in America can retire with the dignity they deserve and every person with a disability can live with the security they need." This year, Social Security received a whopping 5.9% cost-of-living adjustment based on inflation data from 2021, but inflation has soared even higher in 2022, with consumer prices increasing 9.1% year over year in June.

To fund the expansion, the Social Security Expansion Act would lift the income cap for payroll taxes. This means that all income above $250,000 would be subject to the tax, unlike the current arrangement in which every dollar earned over $147,000 is not subject to the tax. Supporters of the bill, including Sanders and DeFazio, argue that 93% of households would not experience a tax increase to support the expansion. Additionally, the bill would index the cost-of-living adjustment for the consumer price index for the elderly rather than based on the consumer price index for urban wage earners and clerical workers. That change is intended to account for the fact that seniors spend a significant chunk of their incomes on products and services such as prescription drugs and healthcare. The bill has amassed roughly two dozen original co-sponsors in the House, all of whom are Democrats. In order to become law, it would need to clear the Senate, which is home to a razor-thin Democratic majority, and the filibuster, which requires 60 votes for most legislation to pass.

The bill would boost benefits for the lowest income earners in the U.S. under the Special Minimum Benefit program. Current recipients receive approximately $900 per month, according to the Social Security Administration. The proposed legislation would adjust the rate to 125% of the federal poverty line, increasing the monthly check to an estimated $1,400 per month. Alright now before I wrap up this video, I wanted to give you guys a big warning. To please look out for fake stimulus videos. We are not getting any more Federal stimulus checks. The only stimulus checks that are being sent out are by governors of some individual states. If you’re curious which states are planning on sending out a stimulus check, you can refer to my recent video where I go through every single state who’s governor has approved a recent stimulus payment.

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