Summary
President Biden will sign the Social Security Fairness Act, boosting payments for nearly 3 million public service retirees by eliminating the Windfall Elimination Provision and Government Pension Offset.
The changes will increase benefits by an average of $360–$1,190 monthly, including backdated payments starting January 2024.
Advocates call it a historic victory for educators, firefighters, and others, correcting a 40-year inequity.
While some Republicans supported the legislation, others argued it was unsustainable and would hasten the program’s insolvency.
Anyone who believes a country that spends $1.4T/year on national security is strapped for cash is lying to themselves. Anyone who believes their paycheck is what’s making or breaking the SST in a $30T/year economy is beyond foolish.
Younger generations are paying lower tax rates than at any point in the last century. What they’re absorbing now, more than ever, is the cost of private debts and private profit-seeking.