The Associated Press is reporting that President Biden will sign into law today the bill to end the Windfall Elimination Provision and Government Pension Offset.
The Associated Press is reporting that President Biden will sign into law today the bill to end the Windfall Elimination Provision and Government Pension Offset.
25 comments:
The national debt is over 36 trillion dollars. The Congressional Budget Office estimates that the bill would add $196 billion to the debt over 10 years. What’s billions of dollars amongst friends?
I’m sure President Biden will make a big production in the signing ceremony with firefighters and teachers surrounding him. He should also point out that Congress needs to act now or SSA recipients benefits will be cut 21% across the board within ten years if the solvency issue is not addressed.
Boo!
A bad move by Congress and the President as it quickens the bankruptcy of Social Security. It tells long term middle class private sector workers the wrong message.
So it is now done and signed
As an FYI, the bill was in fact signed by Biden today.
The annual Social Security and Medicare trustees report released last May said the program’s trust fund will be unable to pay full benefits beginning in 2035. The new law will hasten the program’s insolvency date by about half a year.
Sens. John Thune of South Dakota, Rand Paul of Kentucky and Thom Tillis of North Carolina, voted against it. “We caved to the pressure of the moment instead of doing this on a sustainable basis,” Tillis told The Associated Press last month.
But now, bowing to relentless pressure from government employee unions and advocacy groups, a more naive and vote-seeking Congress has repealed WEP and GPO. So once again, government retirees like me will get overly generous Social Security benefits that no other senior citizens in the country are eligible for. And by so doing, they have put a $200 billion hole in an already rapidly deflating Social Security budget balloon.
But if you don’t think it’s fair, then write your member of Congress and say, “Shame on you! I thought you were supposed to be saving Social Security, not squandering its funds on greedy government retirees!”
Disgusting
No need to worry. This will not escape the watchful eye of DOGE, who will then expertly handle it by making necessary cuts in spots you will barely notice.
I was very excited to see former COSS Martin O'Malley was on hand at the signing. Some great photos.
When it rains it pours department.
There Won't Be Money For Social Security': Elon Musk Tells Joe Rogan About Looming Bankruptcy And $1.1 Trillion Interest.
A 40 year injustice has now been corrected!Look at all the money the government saved in those 40 years.
All of you naysayers could have worked in non covered public service jobs and had second jobs to make ends meet.
You knew the rules going in on your first day of employment. Activist groups saw WEP and GPO repeal as a means to increase membership. This is a perfect example of helping a few at the cost of many.
SSA management knew for weeks that the repeal of GPO and WEP was a possibility but yet never prepared. What a surprise!
In a statement Monday, the Social Security Administration acknowledged the bill’s enactment, and said the agency is “evaluating” how to implement it.
You must mean policy folks. SSA management has nothing to do with rolling out the effects of this. Heck, SSA management is right there wondering why we don't have a plan. What else is new.
SSA doesn’t wait until a bill is enacted to evaluate it. As it does with any change in the law, the policy staff and OGC have been evaluating the law and developing the necessary instructions for implementation. The message is just a stopgap until more detailed instructions can come out.
My first career was with a university. My second career is with social services. Now that my SSA retirement will be higher I can honestly look at retirement. I know it isnt popular with some, but for others it makes a huge life difference. For the haters, no I am not worried about the trust fund running dry. That was never going to happen with or without this law and change. Nobody really believes they are going to cut benefits by a fifth to millions of voters.
The larger problem with the legislation is it gives workers who earn salaries not covered by Social Security disproportionately generous benefits compared to workers covered under the system for all their earnings.
It is an example of a well-organized special interest group claiming to be victims of unfair treatment in order to be treated more generously by public policy than 98 percent of other U.S. workers.
Unfortunately, Congress' willingness to boost benefits for some, without dealing with the system's inability to pay future benefits for all, foreshadows the continued inability of governing body to confront and solve the program's deep and ongoing red ink.
The Act will move up the depletion date of the Social Security trust fund by about six months due to about $200 billion in extra costs over a decade.
After depletion around 2034, Congress will need to find another source of revenue to finance about 25 percent of benefits no longer covered by the trust fund, with the other 75 percent covered by remaining payroll taxes.
The Social Security Fairness Act restores these windfall payments, at the cost of accelerating Social Security's insolvency and increasing the program's long-term funding gap. As public policy, the Social Security Fairness Act is a massive disappointment.
Vegas here we come!
By signing this bill, we're extending Social Security benefits for millions of teachers, nurses and other public employees and their spouses and survivors," Biden said. "That means an estimated average of $360 per month increase."
This means that on average, recipients would get $4,320 in backdated payments for benefits from January 2024 to December 2024.
Post a Comment