Biden signs bill boosting Social Security payments for millions
abcnews.go.com
President Joe Biden is set to sign into law a measure that boosts Social Security payments for current and former public employees

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.

  • FlowVoid@lemmy.worldEnglish
    2·
    11 months ago

    But unlike debtors, Social Security can unilaterally reduce its expenses at any time. That’s precisely why it cannot go bankrupt or become insolvent.