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Big Time Social Security Raise With This New Bill

Social Security recipients could be getting an additional $2,400 a year in benefits if a new bill recently introduced to Congress wins approval. The substantial “bonus” would be something seniors would no doubt welcome as surging inflation wipes out their annual cost-of-living increases.

The Social Security Expansion Act was introduced on June 9 by U.S. Rep. Peter DeFazio (D-Ore.) and U.S. Sen. Bernie Sanders (I-Vt.), Under the terms of the bill, anyone who is a current Social Security recipient or who will turn 62 in 2023 would receive an extra $200 in each monthly check.

The bill is timely for a couple of reasons. First, it follows a disturbing Social Security Administration announcement earlier this month that Americans will stop receiving their full Social Security benefits in about 13 years without actions to bolster the program.

It also comes during a period of historically high inflation that has a particularly big impact on seniors living on fixed incomes, many of whom rely solely on Social Security payments. This year’s Social Security Cost-of-Living Adjustment (COLA) of 5.9% is based on inflation figures from 2021. But since then, inflation has pushed well above 8%, meaning Social Security recipients today are actually losing money.

The new bill aims to ease the financial strain by boosting each recipient’s monthly check. The average monthly Social Security check is about $1,658, meaning a $200 increase would represent a 12% boost.

“Many, many seniors rely on Social Security for the majority, if not all, of their income,” said Martha Shedden, president of the National Association of Registered Social Security Analysts. “$200 a month can make a significant difference for many people.”

The bill also has changes that are designed to tie the COLA increase to more realistic economic markers and to make and keep the program more solvent. Primarily the bill proposes adding more funding to the SSI coffers by applying the Social Security payroll tax on all income above $250,000. Currently, earnings above $147,000 aren’t subject to the Social Security tax.

Even if the bill in its current form doesn’t pass Congress, experts expect lawmakers are going to have to move on some kind of change to Social Security to ensure it serves the needs of recipients well into the future.

Written by Bill Sheridan

27 Comments

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  1. This increase will certainly help those citizens that live only on what they receive from Social Security. I am 76 years old and was trying to retire, as my health is not good, however, since Biden took office, I have had to go back to work to have funds to buy groceries, utility bills, insurance premiums, vehicle expense and home upkeep.
    I suppose I will work until I expire, and my best if used by date is getting very close and then my wife will probably have to move in with one of our kids or go to a retirement home, which I doubt she can afford at today prices. The $200.00 per month will help but will not cover the additional expenses we have incurred, thanks to Biden and his administration. But of course, we can afford to pay all expenses for the illegal crossing our border and being handed money, a cell phone, medical cards, food cards and transportation to where they want to go. I believe I would be much better off if I went to Mexico and came across the border.

    • Hey GOP Loser Buddy Baby, if your trumpie kept his PROMISE to Complete his wall in 4 years, there would be no problem. And YES, your LEGAL POTUS Biden has an economy where you can get a job.
      Look at these FACTS!!!!
      Your BLACK POTUS Obama left office with a 4.7% unemployment rate.
      FACT.
      Then your trumpie came along.
      trumpie left office with a 6.3% unemployment rate.
      HUGE INCREASE.
      FACT.
      Then 2 months ago, your LEGAL POTUS Joe Biden had an unemployment rate of JUST 3.5%.
      HUGE DECREASE.
      FACT.
      It is so sad that you have no idea of today’s economy.
      You admitted you just got a job under POTUS Biden.
      Under your trumpie…..NO JOB FOR YOU!!!!
      FACTS DON’T LIE!!!

      • Funny how you leave FACTS out. Unemployment rate was 3.5% before COVID, gas averaged $1.80 per gallon and inflation rate was around 2.5%. Glad you can afford Biden’s failures cause I can’t. Guy can’t even walk or talk most of the time. Other countries laugh at what a joke our potus and VP are. Embarrassing.

      • It doesn’t matter what the rate of unemployment is if you can’t pay your bills. Your ILLEGAL POTUS will get us into a war next.
        Under President Trump there were no wars.
        FACT

      • I beg to differ. Statistics are only as good as those who compile them. You can manipulate numbers to say anything you want. So don’t believe everything you read. Especially if it is coming from the mainstream media who have been bought off by the likes of George Soros, Bill Gates, Joe Biden, and others. It’s all a very well planned conspiracy to make the general population believe what they are told. It’s called the great reset.

      • FACT, Trump had the lowest unemployment numbers across the board, EVER – until Covid. Then, the democrats shut down their states and CAUSED unemployment. If you are going to spout YOUR “facts” then at least give ALL the facts.

      • Go home, moronic troll. You’ve twisted facts to fit your narrative. Grow up and learn to tall the truth, little half person.

  2. First of all, I think that SS should be taken out of every dollar , INCLUDING those CEO’s who het $10 Million bonuses!
    I am fully retired and het a little over $1,000/month, but while I was working , I owned the company and paid in .075 % of all my employees every week, and many times took any salary , just to keep the company afloat
    Most of the people who worked for me will never collect SS since I think most were illegal and have moved on
    5 Years paying SS for them and none for me< one of the benefits of owning the company. I should get more than what the $400,000.year politicians get

    • I agree but if they took it out of all Tom Bradys $25,000,000 plus salary he might not perform like an old fart, and they would need to give him $50,000,000 a year..I make $60 a month after my Medicare as I retired from Federal Govt and get a small reasonable pension..If I made money like the rich, I would be glad to pay more if need be.

    • I totally agree, and I do depend on SS. Political scheme to get retirees to vote D using money we don’t have but will have to borrow. I survive by making my expenses match my income. What a concept! Shouldn’t government also survive under the same guideline?

  3. Thank You ,My wife and I are both on a fixed Income,the 200 dollars would help?we also get food stamps so are we damn we do or damn we dont by getting the raise? Sincerly, Donald & Alice Burris.

  4. Here we go again, the democrats want to spend money we don’t have to buy votes. Biden’s already being sued for his unlawful college loan payoff’s, where he’s trying to buy college students votes. Looks like the democrats and O’Biden are trying to buy votes from the young and old. These corrupt actions by the left is because they can’t run on their horrible policies!

    If O’Biden does this increase with SS it will just cause it to go bankrupt sooner than it is already going to. SS was originally designed to be a government controlled retirement account because during the depression a lot of Americans didn’t prepare enough or their retirement savings was wiped out.

    Moreover, during the Clinton presidency the democrats claimed that Clinton left incoming President Bush a huge surplus in funds, due to his so called balanced budget. What Clinton actually did to pay down his spending deficit was he raided the SS account which was a closed account and transferred it to a general spending account. The amount taken was nearly 3- trillion dollars!!! There’s also been approximately 76 amendments made to the SS bill, and you guessed it, they were all made by the Democratic Party. They’ve turned a retirement account that was only supposed to paid out to Americans who paid into it. Now it’s given to people who have never paid a dime into it. It’s used like welfare!!!!

  5. Introduced on June 9 to urgently assist SS recipients struggling under the record high inflation. Today is October 3… Nothing… Did they redefine Urgency?

  6. Another scheme by Democrats to buy votes which will put us deeper in our country’s debt. First he tried the student loan forgiveness, now enticing us seniors with money the country doesn’t have! Makes no sense!

  7. Being on sosical security, the part that bothers me is , could see $200 a month. I am old but can see the writing on the wall. Just another way of buying votes. Just like the college loan forgiveness plan. Hitting selected groups with money, for votes. Then if the democrats win, it will business as usuall. AGAIN

  8. This is not good! It will put many elderly over the amount they can make to keep Medicaid! 200$ will NOT cover my patients copays nor pay for their loss in rent assistance and food stamps! A very bad idea!!!

  9. Increasing Social Security benefit payments on yearly basis predicated on COLA is certainly welcome. However, since seniors rely on Social Security payments to bear their monthly expenses, the other way to help them out is to remove Federal Tax on total social security payment at the end of a year.

  10. This is just a vote-getting ploy. They know it won’t pass because we are already so far in debt and deficit. If they keep printing money to give away, it just becomes less and less valuable, so there’s really no benefit to anyone but the politicians.

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