What’s New
The Social Security Fairness Act passed the Senate last week with no amendments. In total, 49 Democrats and 27 Republicans voted in favor of the bill, while 20 Republicans voted against it.
Why It’s Important
The act, when signed into law by the president, will repeal limitations on receiving Social Security benefits for around 3 million Americans. Under current rules, two provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—reduce the retirement benefits awarded to some public servants.
The bill had widespread bipartisan support in the House and in the Senate, passing in the former by a vote of 327 to 75 in November.
What To Know
The following Senators voted against the Social Security Fairness Act:
- John Barrasso Barrasso (R-WY)
- Katie Britt (R-AL)
- Ted Budd (R-NC)
- Mike Crapo (R-ID)
- Ted Cruz (R-TX)
- Steve Daines (R-MT)
- Joni Ernst (R-IA)
- Chuck Grassley (R-IA)
- Ron Johnson (R-WI)
- Mike Lee (R-UT)
- Cynthia Lummis (R-WY)
- Mitch McConnell (R-KY)
- Rand Paul (R-KY)
- Mitt Romney (R-UT)
- Mike Rounds (R-SD)
- John Thune (R-SD)
- Thom Tillis (R-NC)
- Tommy Tuberville (R-AL)
- Roger Wicker (R-MS)
- Todd Young (R-IN)
Senators Marco Rubio (R-FL), JD Vance (R-OH), Joe Manchin (I-WV) and Adam Schiff (D-CA) did not vote.
The legislation comes with a hefty price tag at a time when there are growing concerns over the solvency of the Social Security Administration’s (SSA) trust funds. According to the Congressional Budget Office, the bill will cost around $190 billion over the next decade and means the Social Security trust fund will “be exhausted roughly half a year earlier than it would be under current law.”
Kentucky Senator Rand Paul introduced an amendment to the bill that would’ve seen the Full Retirement Age gradually raised from 67 to 70 over 12 years to offset the increased cost. It failed, only receiving votes from himself and two fellow Republican Senators: Wyoming’s Lummis and Mike Lee of Utah.
Newsweek has contacted Paul’s office for comment via email outside of regular working hours.
What People Are Saying
Rand Paul, speaking on the introduction of his amendment on Friday: “If we give new people more money, we have to take it from somewhere. We have to either borrow it or print it, but it has to come from somewhere. You can’t just push the bankruptcy of Social Security and say, ‘Well, yeah, it will go bankrupt in about nine years but maybe I won’t be here. Shouldn’t we care about the future of Social Security?”
Senator Thom Tillis, who voted against the bill, said following the vote: “We caved to the pressure of the moment instead of doing this on a sustainable basis.”
Senate Majority Leader Chuck Schumer: “Millions of retired teachers and firefighters and letter carriers and state and local workers have waited decades for this moment. No longer will public retirees see their hard-earned Social Security benefits robbed from them.”
Edward Kelly, the general president of the International Association of Fire Fighters, said following the bill’s passage: “Congress broke a promise 40 years ago to millions of Americans when it enacted the Windfall Elimination Provision and the Government Pension Offset. Today, U.S. senators from both parties joined to right that wrong, ensuring that retired firefighters and other dedicated public servants get the Social Security benefits they’ve paid into and earned.”
What’s Next
The bill will head to the White House to be signed by the president. Once signed, the repeals will apply to monthly Social Security benefits payable after December 2023.
Read the full article here
