Extra $2,400 per year to Social Security recipients – Cleveland, Ohio

Cleveland, Ohio 2022-06-26 15:20:00 –

(NEXSTAR) – Inflation has made buying gas, food and other commodities painful for many Americans, but soaring prices are especially cruel for older people with fixed social security benefits.

To address the shortfalls experienced by many older people, the newly proposed bill adds $ 200 a month, or $ 2,400 a year, to recipients. Social security payment.

Rep. Peter Defazio (D-Ore.) And Senator Bernie Sanders (I-VT) Social Security Expansion Law Last week, it was designed to increase profits and create a safety net to solve social security until 2096.

“When half of older Americans have no retirement savings and millions of older people live in poverty, our job is not to reduce social security,” Sanders said. Senator said.

Social security recipients will receive a Living Expense Adjustment (COLA) once a year, up 5.9% in 2022. However, that increase may not be keeping up with this year’s surge in inflation. The consumer price index in May rose tremendously to 8.6% compared to the same month last year. This is the biggest rise in consumer prices in 40 years.

This bill is also from the Social Security Administration Severe projection The social security fund will be exhausted by 2035.

The law will fund social security by taxing high-income earners.

“If you’re billions of billionaires, you pay the same amount of money for social security as someone who earns $ 147,000 a year,” Sanders said last week. High-income earners currently do not pay additional social security taxes on money earned above the $ 147,000 level. The bill will raise the income tax cap, but DeFazio states that the additional tax will only affect the top 7% of domestic income earners.

“As a trained Gerontrogist, I have devoted my career to protecting and expanding programs that are essential for older people,” Defazio said in a news release on the bill. “One of my top priorities is to protect the social security that millions of Americans, including hundreds of thousands of Oregons, depend on. It’s the highest living cost ever, and social security was once. It’s more important than it is, but Congressional Republicans continue to play the game with that money. “

The bill also restores benefits that were abolished in 1983 and aimed at helping full-time students whose parents have disabilities or died.

The proposed bill is already facing resistance from Republicans on the hills.

Prominent Republican senators, including Mitt Romney and Lindsey Graham, called the bill a non-starter for all Republicans.

Graham agreed that more income would be needed for social security to survive, but added, “If you think taxing the wealthy will save social security, you’re wrong.” I did.

Romney makes every effort to save social security without bipartisan support Destined to fail..

Experts on the feasibility of social security say it is necessary to take action now to maintain the interests of the younger generation.

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