President Joe Biden has signed the bipartisan Social Security Fairness Act, which aims to enhance benefits for retired public sector workers while significantly increasing national debt.
• The act removes the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO), which reduced retirement benefits for certain public sector workers.
• By eliminating these provisions, over 2. 8 million retirees are expected to receive an average monthly increase of $360, with many also getting a lump sum for past benefits.
• The Congressional Budget Office estimates the act will increase national debt by $196 billion, while some predict it may reach $233 billion, accelerating Social Security’s projected insolvency to 2034.
• Critics argue that this act imposes a financial burden on taxpayers and undermines the Social Security system’s long-term stability.
The signing of the Social Security Fairness Act represents a significant change in benefits for public sector retirees while raising concerns about increasing national debt and Social Security’s financial future.
https://www.thecentersquare.com/national/article_da7263e2-cc5e-11ef-bdce-bbab9a224583.html
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