As the debate over changing Social Security heats up, people are worried about how stable the finances of people who get it are. The Social Security Expansion Act is one of the ideas, and Senator Bernie Sanders and his partners back it.
This act calls for a big increase of $200 a month in SSI, SSDI, VA, and Social Security benefits to help people get by financially and make the programs last longer. Here are more information about it.
The Social Security Expansion Act
There is a popular financial YouTube channel called Blind to Billionaire that talks about the Social Security Expansion Act. They say that Senator Bernie Sanders has introduced it and that many other senators support it.
The act wants to make Social Security stronger by offering a number of changes that would help keep the program’s finances stable and improve the benefits that recipients get.
Benefits for present and future Social Security recipients would go up by $200 a month, which is one of the main parts of this act. Many Americans depend on Social Security as their main source of income in retirement, and this rise in benefits would make their retirement income a lot better.
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Current Status of the Legislation
However, it is important to keep in mind that Congress has not yet passed the Social Security Expansion Act, which calls for higher Social Security payments. Before a bill is passed by both the House of Representatives and the Senate, it usually goes through a long process of talks, negotiations, and changes. This is because big changes like expanding Social Security go through the legislative process.
So, even though the act has been introduced and talked about, there have been no instant changes to Social Security payments. People who get benefits should not expect to see this increase in their April payments.
Argument for a Higher Increase
It is suggested that the $200 rise might not be enough since prices for items and services are going up. This point of view says that the rising cost of living, which is caused by inflation and other economic factors, makes Social Security payments less valuable, making it hard for recipients to meet their basic needs.