Are you receiving Social Security income? Well, you'll want to know that United States Senators Bernie Sanders and Elizabeth Warren want to give you more money. Together these two United States Senators introduced the new Social Security Expansion Act. This act would expand Social Security benefits by $2,400 a year. In addition, 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 from the Social Security Administration. At the beginning of 2023, Social Security income benefits increased 8.7% for qualifying individuals.
Ohio residents have been hit hard by inflation
Proponents of this new bill claim that the cost-of-living adjustment (COLA) simply does not go far enough. The inflation rate in Ohio 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 senators such as Bernie Sanders feel why an increase is so desperately needed.
What do you think of this proposal? Do you think this change is a good idea?
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