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Social Security Expansion Act Was Reintroduced In Congress With An Expanded Proposal Worth $2,400 Extra In Checks

Social Security Expansion Act
Security Expansion Act Was Reintroduced In Congress With An Expanded Proposal Worth $2,400 Extra In Checks (PHOTO: SmartAsset)

The Social Security Expansion Act was reintroduced in Congress by  Democratic Sen. Bernie Sanders on February 13 that had a lot more support from fellow lawmakers pushing the initiative.

Social Security Expansion Act

GettyImages-12166Social Security Expansion Act Was Reintroduced In Congress With An Expanded Proposal Worth $2,400 Extra In Checks (PHOTO: The Hill)

Social Security Expansion Act In Congress

On June 9, the Social Security Expansion Act was first introduced by Sanders and U.S. Rep. Peter DeFazio (D-Ore.).  Under 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. Meaning, Social Security recipients could have an extra $2,400 annually in benefits if the Social Security Expansion Act will be approve something seniors would no doubt welcome as inflation wipes out their annual cost-of-living increases.

While the initial June 9 introduction of the Social Security Expansion Act, the proportions have remained dormant, Sanders and a new coalition of supporters including cosigners Senator Elizabeth Warren and Representative Jan Schakowsky and Val Hoyle have restarted interest amid proposed cuts to Social Security as the US faces its latest debt ceiling crisis.

The latest draft of the bill also provides a way forward for the severely underfunded program, ensuring that coming generations can have benefits in the next 2096 by taxing the highest earners in the country.

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Sanders Wants Americans To Have Retirement Savings

Sanders’s office will accomplish all without raising taxes by one penny on over 93 percent of American households that make $250,000 or less.

Yahoo Finance reported that during a time when most seniors have no retirement savings and almost 50 percent of the nation’s retirees are to make ends meet just to survive on an income of less than $25,000 a year, “our job is not to cut Social Security, Sanders said in the statement”.

Sanders wants to expand Social Security through the Social Security Expansion Act so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they require.

The legislation that is introduced today will expand Social Security benefits by $2,400 a year and will extend the solvency of Social Security for the next 75 years by assuring that the millionaires and billionaires in the society will finally pay their fair share into the program.

Bernie Sanders US Senator For Vermont Page reported that the Social Security Expansion Act would guarantee the fund’s solvency to the end of the century, help low-income workers stay out of poverty by enhancing the Special Minimum Benefit, restore student benefits up to age 22 for children of disabled or deceased workers, lifting the benefits for millions of senior citizens and individuals with disabilities, improve Cost-Of-Living-Adjustments (COLAs), and boost program benefits across-the-board.

Sen. Warren also said that, that the House Republicans push to use a simulated debt ceiling crisis to trim the Social Security that Americans have earned.

Warren is currently working with Senator Sanders to expand Social Security and extend its solvency by making the wealthy pay their fair share, so everyone can retire with dignity.

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