This post discusses US Senator Bernie Sanders’s proposal for an extra $2400 Social Security checks to be sent out to everyone currently on Social Security.
In a bid to bolster Social Security benefits and ensure the financial security of millions of seniors and disabled individuals, Democratic Senator Bernie Sanders reintroduced the Social Security Expansion Act to Congress.
This legislative proposal has gained substantial support, promising an additional $2,400 per year for eligible recipients and securing the program’s solvency through 2096.
In this post, we will delve into the details of the Social Security Expansion Act and its significance amid ongoing debates about the program’s future.
Table of Contents:
- Extra $2400 Social Security Checks
- Addressing the Financial Burden of Inflation
- Making the Wealthy Pay Their Fair Share
- Broad Bipartisan Support and Endorsements
- Republican Leaders’ Stance
Extra $2400 Social Security Checks
This time, the bill gained momentum with support from key lawmakers, including Senator Elizabeth Warren and Representatives Jan Schakowsky and Val Hoyle.
The proposed legislation aims to provide an extra $200 per month in Social Security checks to current recipients and those turning 62 in 2023, translating to a substantial annual increase of $2,400 per year.
Addressing the Financial Burden of Inflation
The urgency behind this bill is twofold. First, the Social Security Administration announced in 2022 that, without additional funding, full Social Security benefits would cease in approximately 13 years.
Second, the United States is grappling with historically high inflation, which disproportionately affects seniors living on fixed incomes.
With nearly 40 percent of seniors relying on Social Security as their primary income source, this bill comes as a lifeline for those facing financial hardship.
Additionally, the 2024 COLA increase, which is expected at around 3.2% is likely to have very little impact on income seniors bring home.
Making the Wealthy Pay Their Fair Share
To ensure the long-term solvency of Social Security, the bill proposes taxing the highest earners in the country.
Notably, this taxation plan exempts over 93 percent of American households earning less than $250,000 annually from any tax increase.
Senator Sanders emphasizes the need for fairness in contributions to the program, highlighting the disparity between a Wall Street CEO earning $30 million and someone making $160,000 a year who currently contributes the same amount to Social Security.
Broad Bipartisan Support and Endorsements
The Social Security Expansion Act has garnered significant support among lawmakers, including Senators Kirsten Gillibrand and Cory Booker, along with Representatives Alexandria Ocasio-Cortez, Jamie Raskin, and Rashida Tlaib.
Furthermore, more than 50 major organizations have endorsed the bill, recognizing its potential to alleviate poverty among seniors and people with disabilities.
Republican Leaders’ Stance
While the proposal faces some opposition, including concerns about tax increases, here’s what Republican leaders are saving:
Senate Minority Leader Mitch McConnell and Speaker of the House Kevin McCarthy have reiterated their commitment to protecting Social Security and Medicare.
They emphasize that there is no agenda within Senate Republicans to revisit these vital programs.
Extra $2400 Social Security Checks Summary
The reintroduction of the Social Security Expansion Act signifies a renewed effort to ensure the financial well-being of seniors and individuals with disabilities in the United States.
By providing substantial additional benefits and making the wealthiest Americans pay their fair share, this legislation aims to secure the future of Social Security.
With bipartisan support and endorsements from numerous organizations, the bill promises to address the pressing financial challenges faced by millions of Americans who rely on Social Security for their livelihoods.
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