Posted on 01/06/2025 5:29:43 AM PST by Red Badger
Millions of Americans will now see their Social Security benefits increase after President Joe Biden signed the Social Security Fairness Act into law on Sunday.
The bill, which abolishes the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), passed both chambers of Congress with bipartisan support.
Newsweek has emailed the Biden administration for additional comment on Sunday evening.
When to Expect Higher Social Security Payments In September, the Congressional Budget Office (CBO) estimated that eliminating the WEP would increase monthly payments for affected beneficiaries by an average of $360 by December 2025.
Ending the GPO would raise monthly benefits by December 2025 by an average of $700 for 380,000 recipients with benefits based on living spouses, according to the CBO. For 390,000 surviving spouses receiving widow or widower benefits, the increase would average $1,190.
These amounts would continue to rise over time due to Social Security's regular cost-of-living adjustments (COLA). The changes would apply to payments from January 2024 onward, resulting in the Social Security Administration owing backdated payments.
The measure passed by Congress states that the Social Security commissioner "shall adjust primary insurance amounts to the extent necessary to take into account" changes in the law.
It remains unclear how this adjustment will be implemented or whether affected individuals will need to take any action.
(Excerpt) Read more at newsweek.com ...
Democrat bills are typically misnamed. I wonder what the surprise is here.
That SOCIAL SECURITY WILL GO BANKRUPT SOONER THAN THE TEN YEARS IT WAS SUPPOSED TO.................
My wife asked me what the bill that Biden signed meant? After reading the article, I still don’t know.
[would increase monthly payments for affected beneficiaries by an average of $360 by December 2025.]
hmmm....
Basically it allows double dippers a bigger dip.............
It should be named the Social Security Bankruptcy Act.
What about triple dippers? 😁
If the Government stopped robbing us of our pay checks and allowed me to invest it as I see fit I’d have been a millionaire by 45. The Government won’t allow t because they need a permanent working class and control over one’s finances
I’ve only know one and he’s dead now...............
It allows those that receive government pensions that also had SS credit to receive more SS benefit. A friend of mine qualifies.
I used to think that, but now I know it was and is a canard. It is used in the eneMedia to print and channel more fiat into M2. Bankers (Banksters) thrive and profit when M2 grows.
This stems from the fact that creation of M2 is immediately "borrowed", AT INTEREST. We are in a seemingly endless loop of fiat creation, where real wealth is constantly skimmed into FED banker's and FED stockholder's hands.
Back to Social Security, any "crisis" can and would be solved by some machination that results in more "money" creation.
Only deep staters will receive these benefits at taxpayers’ expense.
This sounds like it applies to government employees, etc.
The wife and I both are on SS but we also both have a pension from a corporate employee.
Basically it allows double dippers a bigger dip...
As for double dipping, it’s interesting how it works. Some people, politicians for example can draw pensions from their service at both the sate and federal levels. I assume they also can get a S.S. check as well.
That’s what I thought it says. Biden gives the government employees even more.
so, is this simply another DS gummit perk?
I think it’s for gubmint employees, who already have pensions.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.