Summary
President Biden will sign the Social Security Fairness Act, boosting payments for nearly 3 million public service retirees by eliminating the Windfall Elimination Provision and Government Pension Offset.
The changes will increase benefits by an average of $360–$1,190 monthly, including backdated payments starting January 2024.
Advocates call it a historic victory for educators, firefighters, and others, correcting a 40-year inequity.
While some Republicans supported the legislation, others argued it was unsustainable and would hasten the program’s insolvency.
It also has a perpetual source of expenses and it’s growing faster than the source of income.
But unlike debtors, Social Security can unilaterally reduce its expenses at any time. That’s precisely why it cannot go bankrupt or become insolvent.
Not since COVID.