Summary
President Biden will sign the Social Security Fairness Act, boosting payments for nearly 3 million public service retirees by eliminating the Windfall Elimination Provision and Government Pension Offset.
The changes will increase benefits by an average of $360–$1,190 monthly, including backdated payments starting January 2024.
Advocates call it a historic victory for educators, firefighters, and others, correcting a 40-year inequity.
While some Republicans supported the legislation, others argued it was unsustainable and would hasten the program’s insolvency.
So if a government is going to print money, might as well print it for the citizens who are going to pay more in taxes. And wildly and sadly, citizens receiving social security will pay more in taxes if they have more to spend (and also get taxed on it as income, oddly enough). Modern Monetary Theory states this, giving tax breaks to corporations increases inflation further and only puts the burden on the workers