Wednesday, December 07, 2022

Biden’s Initiative That Raises Social Security for Pensioners

Biden's Initiative That Raises Social Security for Pensioners

Joe Biden, when he was not yet president, thought of a proposal that would increase Social Security contributions for senior citizens. This measure will help with additional payments provided by an increase in adjustment for the cost of living in the United States (COLA).

Appearances indicate that the head of state has not remembered what he had promised before the presidential election. A very sensitive policy that would provide more substantial monthly payments to those in favor of Social Security.

Some North Americans don’t wait for the month of October, because each year the director of Social Security explains the COLA increase for the coming phase. There is an expectation that the amount will be higher due to inflation, in addition to Biden’s promise that he will provide more capital to retirees.

In the middle of the election campaign, the president announced a project to increase the Social Security budget for the elderly. The increased money will be directed to those who have been paid for 20 years without taking into account the COLA contribution.

unfulfilled promise

Most U.S. citizens of retirement age know that Social Security pays a portion of the amount earned during the period of employment. Although COLA experts annually diagnose a nation’s inflation, the retiree’s economy will always be below the cost of living.

During the preparatory phase for the presidency, Biden said older people have less economic solvency, continued physical dependence and health needs. The president’s plan is attractive, but it has yet to be turned into law. In nearly two years in office, Biden has not mentioned proposed changes to Social Security again.

At present, pensioners are waiting for October to know the additional data of COLA. An amount that is expected to be the highest in four decades.

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