Millions of Americans may soon be eligible for increased Social Security benefits, as the U.S. Senate takes steps toward voting on the Social Security Fairness Act.
Senate Majority Leader Chuck Schumer (D-N.Y.) recently announced plans to advance the bill, which aims to eliminate two federal policies that have historically reduced Social Security payments for certain groups.
The Policies at the Center of the Debate
The legislation targets the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO):
- Windfall Elimination Provision: Reduces Social Security benefits for retirees who also receive pensions from jobs not covered by Social Security.
- Government Pension Offset: Limits benefits for surviving spouses receiving government pensions of their own.
These provisions currently affect approximately 2.8 million individuals, including public employees such as teachers, firefighters, and police officers, according to The Associated Press.
Bipartisan Support and Legislative Progress
The Social Security Fairness Act has garnered bipartisan support:
- The House of Representatives passed the bill in a bipartisan vote earlier this year.
- A Senate version introduced last year has 62 cosponsors.
To pass Congress, the bill needs at least 60 votes in the Senate before heading to President Biden’s desk for approval.
Arguments for and Against the Bill
Proponents argue that these policies unfairly penalize public service workers.
Sen. Bill Cassidy (R-La.) emphasized that the current limitations negatively impact families who dedicated part of their careers to public service.
However, some lawmakers are concerned about the financial implications of the bill.
Sen. Rand Paul (R-Ky.) voiced concerns, stating, “Even for something that people consider to be a good cause, it shows a lack of concern for the future of the country. I think it would be a big mistake.”
Potential Economic Impact
If enacted, the Social Security Fairness Act could increase strain on Social Security Trust funds, which are already projected to deplete their reserves by 2035.
The Congressional Budget Office estimates the bill would add $195 billion to federal deficits over the next decade.
What’s Next?
With strong bipartisan support but concerns about cost, the bill’s fate remains uncertain. The final vote in the Senate will determine whether millions of Americans could see their Social Security benefits increase, providing relief to many public service workers and their families.
