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Democrats trying to push bill that 'would cost average couple $25,000'
Wednesday, December 18, 2024 2:25 PM
6IXSTRINGJACK
Quote:Senate Democrats are rushing to push through a Social Security reform bill ahead of Donald Trump taking office that one group estimated would cost the average couple $25,000 in benefits. The Social Security Fairness Act would repeal two provisions that currently reduce payouts to public sector employees like cops, firefighters, teachers and US Postal workers. The Committee for a Responsible Budget (CRFB), a bipartisan think tank, argued this change would make Social Security insolvent six months earlier than current projections. It would do this by giving full benefits to nearly 3 million retirees who paid into state or local pension plans in lieu of paying into Social Security, according to the group. 'As a result, we estimate a typical dual-income couple retiring in 2033 would see their benefits cut by an additional $25,000 over their lifetime, with over $8,000 of that additional cut coming in the roughly half a year of advanced insolvency,' the group wrote. If Social Security runs out of money under the bill's reforms, the think tank said the average couple could lose out on as much as $400,000 in lifetime benefits. It cited the Congressional Budget Office, which estimated the bill would cost the federal government more than $190 billion over the next decade. The bill already passed 327-75 in the House of Representatives last month.
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