Social Security

Eric Boehm | 12.16.2024 1:26 PM

The Senate is reportedly set to vote on a bill boosting Social Security payouts to public sector workers who receive pensions and did not pay taxes to support Social Security while working in the public sector*.

If it passes, the proposal will cost nearly $200 billion and will hasten the insolvency of Social Security for all beneficiaries—the vast majority of which do not have a taxpayer-funded pension to rely upon.

A final vote on the Social Security Fairness Act is expected this week, and possibly as soon as Monday. Senate Majority Leader Chuck Schumer (D–N.Y.) told reporters last week that he is urging senators to back the proposal. With 62 cosponsors in the Senate, the bill has a good chance at passing. The House's version of the bill passed by a wide margin earlier this year, so a Senate vote could send it to President Joe Biden's desk.

The Social Security Fairness Act would eliminate two existing provisions that reduce Social Security benefits for some........

© Reason.com