Why Social Security Recipients Should Be Demanding A “Bernie Bump”
The “Bernie Bump” is not a new dance; rather, it’s a proposed plan to benefit Social Security recipients.
Under the Social Security Expansion Act introduced by Senator Bernie Sanders, recipients could get an extra $200 a month. According to an article by The Independent, the so-called “Bernie Bump” increase would be paid on top of beneficiaries’ regular Social Security benefits and annual cost-of-living adjustment (COLA).
Additionally, the proposed legislation would change how future COLAs are calculated. Instead of using the current inflation measure, the bill would use the Consumer Price Index for the Elderly, which places greater weight on expenses such as health care and prescription drugs that tend to make up a larger share of older Americans’ budgets.
If passed, the Social Security Expansion Act would also increase the amount of income subject to Social Security payroll taxes. Earnings above $250,000 would be subject to the tax. This added revenue could help extend Social Security solvency.
In August, Sen. Sanders wrote a letter to his colleagues expressing the urgency to consider this legislation, stating:
“If Congress does not act within the next six years, Social Security benefits will be cut by 22 percent. We have an obligation to the American people to ensure that never happens. Just as importantly, we have a responsibility to tell the American people exactly where we stand. Americans deserve to know not only how we will extend Social Security’s solvency, but how we will address the retirement crisis facing millions of seniors today.”
The Seniors Trust is totally on board. Join us in urging lawmakers to enact the Social Security Expansion Act. You can show your support by signing our petition.
