The U. S. Congress passed a measure to increase Social Security retirement payments for some retirees with public pensions, like former police and firefighters. Critics believe this change will further weaken the program's finances. The Senate approved the Social Security Fairness Act with a 76-20 bipartisan vote, following the House's approval of 327-75. The bill will now go to President Joe Biden for signing, though it is unclear if he will do so.
The bill repeals rules established two decades ago that reduced benefits for those receiving pensions. Many municipal employees, such as firefighters and postal workers, faced capped payments due to these provisions. Most Americans rely on savings and Social Security, as only one in ten private sector workers have pension plans.
About 2. 5 million Americans, nearly 3% of Social Security beneficiaries, will be affected, with some potentially receiving hundreds more in benefits monthly. However, federal budget experts warn this change could add approximately $196 billion to the program's costs over the next decade, risking its future. Critics, including Republican Senator Ted Cruz, argue this legislation will harm seniors who rely on Social Security.
Supporters suggest that future Social Security issues can be addressed later, with some lawmakers downplaying the bill's immediate financial implications.
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