OAN Staff Brooke Mallory
1:32 PM – Friday, January 6, 2025
On Sunday, President Joe Biden signed a bill that increases Social Security benefits for millions of retired Americans, including teachers, firefighters and police officers.
advertisement
The “plan” would include about 3 million public sector workers, including government workers, police officers, firefighters, nurses, postal workers and public school teachers.
Meanwhile, one of the bill's critics, Sen. Chuck Grassley (R-Iowa), said the bill unfairly favors some workers while making things harder for other Social Security recipients. It is claimed that it is meant to be done.
“Let me be clear: this bill would increase the inequities in how Social Security benefits are calculated,” Grassley said in a speech last month.
Other critics also argue that the law would put the entire Social Security fund at risk. According to Sen. Thom Tillis (R.N.C.), the plan would expedite the process of future bankruptcy, arguing that the Social Security Trust Fund would be less than 10 years away from bankruptcy.
Biden announced the bill at the White House.
Before signing the Social Security Fairness Act, Biden announced that “Americans who have worked hard all their lives to live an honest life should be able to retire with financial security and dignity,” which would give “More people will need an average increase of $360 a month.” That's more than 2.5 million Social Security recipients,” Biden said. “That's a big deal in a middle-class family like the one I grew up in and many of you did.”
According to the president, these beneficiaries will also receive an additional lump sum payment to cover the benefit shortfall in 2024.
Biden signed the new law weeks before the end of his presidential term, and the Senate passed it on Dec. 21.cent By a vote of 76-20 in the last hour of 118th meeting. The bill, known as HR 82, was approved by House members in November.
The proposal would increase the federal deficit by an estimated $195 billion over 10 years, according to the Congressional Budget Office. Under the revised law, the benefit increase will go into effect from December 2025.
Nevertheless, “significant financial implications and difficult challenges for the trust fund” [Social Security Administration] “Required implementation steps” are not addressed in the new law, said Martha Shedden, president of the National Association of Registered Social Security Analysts.
Stay informed. Receive breaking news directly to your inbox for free. Subscribe here. https://www.oann.com/alerts
Advertisement below
Please share this post!
