Let's talk about Social Security changes coming our way....
Belle of the Ranch
Belle of the Ranch
4.9 • 1K Ratings
🗓️ 24 December 2024
⏱️ 4 minutes
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Summary
Let's talk about Social Security changes coming our way....
Transcript
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| 0:00.0 | Well, howdy there, Internet people, it's Bell again. |
| 0:04.0 | So today, we're going to talk about some Social Security news and go over the bill that passed the House and the Senate, |
| 0:13.0 | and what it tells us about some plans that some might have to cut Social Security. |
| 0:19.0 | It's called the Social Security Fairness Act, and Biden is expected to sign it. |
| 0:25.0 | It's going to expand benefits for just under 3 million Americans. The legislation will get rid of |
| 0:31.9 | two rules currently on the books, the windfall elimination provision, and the government pension offset. The WEP |
| 0:40.3 | reduces benefits for those who work in both public service and in the private sector. That |
| 0:47.0 | provision affects around 2 million Americans. The GPO reduces benefits for surviving spouses |
| 0:54.1 | who worked in the public sector. |
| 0:57.0 | That affects around 800,000. |
| 1:00.2 | John Hatton of the National Active and Retired Federal Employees Association, said, quote, |
| 1:06.6 | This is something we've been working on for 40 years. |
| 1:10.5 | It's been penalizing people simply because they've earned their government pension |
| 1:15.0 | and then they earn separately through private sector work their Social Security benefits. |
| 1:22.5 | Democratic Senator Sherrod Brown of Ohio said, quote, |
| 1:27.2 | Social Security is a bedrock for our middle class. |
| 1:31.0 | You pay into it for 40 quarters. You earned it. It should be there when you retire. |
| 1:37.4 | All these workers are asking for is for what they earned. While many Republicans support the bill, |
| 1:44.0 | there was some opposition from senators |
| 1:46.8 | who were worried that it would speed up Social Security going insolvent. It looks like it will |
| 1:53.0 | speed insolvency by about six months. Currently, insolvency is about 10 years away. We had some Republicans speak out in favor of the |
| 2:03.5 | bill, saying that insolvency needs to be addressed, but not at the expense of workers who paid |
... |
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