POLITICS
Biden signs the social security fairness act
“The bill I’m signing today is about a simple proposition: Americans who have worked hard all their lives to earn an honest living should be able to retire with economic security and dignity,” Biden said.
The bill, passed by the House of Representatives in November, was approved in the Senate by a 70-26 vote last month. The White House touted the law as the first expansion of such benefits in 20 years.
The WEP lowered Social Security benefits for certain retired and disabled workers who receive pensions for work not covered by the Social Security system. The GPO decreased benefits for spouses, widows, and widowers who also received income from their government pensions.
According to the president, Social Security benefits will be increased by hundreds of dollars per month in most cases — an average of $360 per month by December 2025. The Associated Press reported these amounts would also increase over time with Social Security’s regular cost-of-living adjustments.
The president stated more than 2.5 million Americans will receive a lump-sum payment of thousands of dollars to compensate for the shortfall in benefits they should have received in 2024.
According to estimates by the Congressional Budget Office, the bill will cost $196 billion over the next 10 years.
Social Security officials must now take the new law and implement it. The law will adjust payments starting this year, but it may take a few months for officials to process the changes.
