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Bernie Sanders and Peter DeFazio propose Social Security Expansion Act to provide $200 monthly boost for recipients

U.S. Senator Bernie Sanders and Representative Peter DeFazio introduced the Social Security Expansion Act, a bill designed to provide an extra $200 per month to nearly all Social Security beneficiaries. The proposal aims to address the looming 2032 shortfall by extending the program's solvency for 75 years. To fund this increase, the bill proposes raising payroll taxes on income exceeding $250,000, a move that would primarily affect the top 0.4% of wage earners while protecting 91% of American households from tax hikes. In addition to the monthly boost, the bill would shift the annual cost of living adjustment (COLA) benchmark from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) to the Consumer Price Index for the Elderly (CPI-E). This change would place a greater emphasis on healthcare and prescription drug costs, which are more prevalent for retirees. While the bill faces potential resistance from a Republican majority, it offers a significant lifeline for seniors struggling with rising inflation and costs. The administration announced that the bill provides a clear path to ensuring the program's long-term stability for millions of American seniors.

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