Market
Impact of Social Security Fairness Act on federal deficits by 2034
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Social Security Fairness Act•Social Security•Windfall Elimination Provision•Government Pension Offset•House•Senate•Congressional Budget Office•Chuck Schumer•118th Congress•Americans
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Increase by less than $195 billion • 25%
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Congressional Budget Office reports and analyses
Story
Senate to Vote on Bill to Restore Social Security Benefits for 2.8 Million Government Workers
Dec 12, 2024, 06:57 PM
The U.S. Senate is set to vote next week on the Social Security Fairness Act, which aims to restore full Social Security benefits for approximately 2.8 million government workers. This bill seeks to repeal the Windfall Elimination Provision and the Government Pension Offset, policies that currently reduce Social Security payouts for individuals who receive pensions from jobs not covered by Social Security. The legislation has garnered bipartisan support in the House and is expected to pass the Senate, potentially adding $195 billion to federal deficits over 10 years according to the Congressional Budget Office. Senate Majority Leader Chuck Schumer has initiated the process for a final vote in the final days of the 118th Congress, emphasizing the importance of ensuring Americans receive their earned Social Security benefits without penalties for public service work. The bill's passage would mark a significant win, benefiting postal and federal retirees among others.
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