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I tell you that, finally, the United States Congress has decided to put its hand on its heart and, at last, in the shoes of Social Security beneficiaries. More than 70 million people, who have struggled for years because they do not have enough money to cover their basic needs, will finally receive the help they have been waiting for. This agreement between Democrats and Republicans is rare, but it has happened, and they have managed to pass a law that will benefit all those who depend on Social Security in this country.
It is important to remember that these people have worked all their lives to earn a decent retirement in the United States, in addition to disability benefits for those who are part of the Supplemental Security Income program, known as SSI. For years, we have heard that the Social Security program faces many challenges, especially regarding financial problems. Well, the urgent change that was so needed has arrived today.
Just a few hours ago, the US Congress finally decided to act. As we already know, politicians in Washington have a hard time reaching agreements when it comes to laws that benefit the people, but not when it comes to approving funds for wars. This time, however, things have been different, and Democrats and Republicans have decided to approve a law that will bring more money to Social Security beneficiaries.
This new law, known as the “Social Security Fairness Act,” aims to eliminate two key provisions that have been limiting the benefits received by millions of Americans. This law has already been approved for a vote in the House of Representatives, which will bring it closer to becoming a reality in the next few hours.
Now, what does this law change and how does it benefit beneficiaries? As I mentioned, it eliminates two provisions: the first is the so-called "Windfall Elimination" or WEP. The second is the "Government Pension Offset," known as GPO. These two provisions have been reducing the benefits that many workers should receive.
Let’s talk about the WEP first. This provision has reduced Social Security benefits for those workers who have received pensions from employers who do not deduct Social Security taxes from their wages, such as those who worked for state or local governments, or for foreign employers. These individuals have not been receiving the money they deserve because of this provision. For example, the WEP can reduce monthly benefits by nearly $300 for those with 25 years of coverage, and up to $400 for those with 20 years of coverage. In 2022, it affected more than 2.5 million Social Security beneficiaries in the United States.
Under the new law, this provision will be eliminated, meaning that Social Security will be issuing larger checks to millions of people in this country. The original intent of the WEP was to prevent workers from receiving more benefits than they were supposed to. But what it has actually done is reduce benefits for people who deserve them.
The second provision to be eliminated is the GPO, which affects spouses or surviving spouses of retirees who received unpaid pensions. The GPO reduces benefits by two-thirds, and in some cases can even eliminate Social Security benefits altogether. This has affected many people who, by losing these benefits, are unable to maintain an adequate standard of living.
These provisions will now be eliminated, allowing Social Security beneficiaries to receive more money and, therefore, a better quality of life. This is an important change that will bring justice to millions of people in the United States.
Last month, two congressmen, Republican Garrett Graves of Louisiana and Democrat Abigail Spanberger of Virginia, managed to obtain 218 signatures in the House of Representatives to put this bill to a vote. This is a major step forward, as the law now has significant support to be approved in the coming days.
The vote is likely to happen in the next session of Congress, which will take place in November, just after the presidential election. With more than 300 co-sponsors of this legislation in the House of Representatives, it seems to have a good chance of passing. However, some members of Congress may resist it because of the cost it would entail, which is estimated at around $190 billion over the next decade, according to the Congressional Budget Office.
Despite concerns about the cost, the question on many people's minds is: What solution are those against it proposing? How do they plan to resolve Social Security's financial problems without sacrificing the quality of life of beneficiaries? It's a question that remains up in the air, but the fact is that this bill is a big step toward justice for millions of people.
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