Plan would also give program a financial “shoring up.”
Representative Peter DeFazio of Oregon and Senator Bernie Sanders of Vermont introduced the Social Security Expansion Act. Social Security recipients receive one cost-of-living adjustment, or COLA, each year, which is based on inflation and is supposed to keep benefits in line with rising prices. But with inflation at a four-decade high this year, beneficiaries have seen their purchasing power greatly reduced.
In addition, earlier this month the Social Security Administration stated Americans will stop receiving their full Social Security benefits in roughly 13 years unless actions are taken to shore up the program. The proposed legislation would extend the Social Security payroll tax to investment and business income, an issue that could face resistance. According to Representative DeFazio, expanding the payroll tax would boost the Social Security Administration’s trust fund, ensuring its solvency through 2096.
As the Lord Leads, Pray with Us…
- For members of Congress as they consider legislation to increase Social Security payments.
- For Representative DeFazio and Senator Sanders as they garner support for the cost of living supplement.
Sources: CBS News, CNBC, Forbes
