Did you know that the Social Security Expansion Act was recently proposed by Senators Bernie Sanders (I-Vt.) and Elizabeth Warren (D-Mass.)? This new legislation proposal would expand Social Security benefits by $200 each month or $2,400 a year. The founders of this bill say that this bill would not raise taxes for over 93 percent of American households. (source)
This proposal would be in addition to the already announced increases for 2023 for Social Security by the Social Security Administration. At the beginning of 2023, Social Security income benefits increased 8.7% for qualifying individuals.
Ohio has been seeing consequences of inflation
Proponents of this new bill claim that the cost-of-living adjustment (COLA) simply does not go far enough. For example, in Ohio, the inflation rate has been quoted as being as high as 14%. And residents are paying out approximately $679 more per month. (source)
Clearly these numbers don't add up for Social Security recipients when the average retiree payment has increased approximately $152 per month with the 2023 COLA increase. (source)
That's why the senators such as Bernie Sanders feel why an increase is so desperately needed.
What do you think of this news about Social Security? Do you think there should be another increase to Social Security or is it a bad idea?
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Disclaimer: Please note that the information in this article for NewsBreak is only for educational and informational purposes.