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hey everyone and welcome back hope you're having a fantastic day so far so in today's video I actually have some really great news as Senate Majority Leader Chuck Schumer just said that he plans to do everything in his power to make sure that the social security bill which if passed would increase benefits by anywhere between $300 to $700 on average per month not per year per month this is definitely lifechanging money it's the Social Security Fairness Act and once again for right around 3 million Social Security beneficiaries they're going to see their benefits drastically increase if this bill passes it's already passed in the House of Representatives by a wide bipartisan fashion most of Republicans voted for it and most Democrats voted for it and right now in the Senate has the votes that it needs it just comes down to whether or not this bill actually gets voted on and Senate Majority Leader Chuck Schumer said that he plans to do everything in his power to make sure that this bill is voted on and passed as well but before we go ahead and dive into that news for today if you would like to receive up to $118,000 in free stock in a pin comment below I will be leaving a link to Weeble all you have to do is once you click on that link is just sign up for a free account and then simply deposit at least $100 at that point in time we will be sending you six free stocks worth all the way up to $188,000 and and if you'd really just have the cash instead of the stocks once you receive the free stocks all you have to do is just sell them for what they're worth and then transfer the cash value right back to your bank account okay so diving right into for today once again one of the big bills in Congress right now involves Social Security it actually involves bipartisanship where Republicans and Democrats agree this is a bill that definitely needs to pass now in this bill it would repeal two different measures that was set all the way back in the 19 1980s one of the measures is called The W for short or the windfall elimination provision and the other one is the government pension offset now both of these Provisions actually decrease Social Security benefits for right around 3 million in total beneficiaries by anywhere between that say like $300 to $700 on average so therefore by this bill actually passing and repealing those two Provisions it would increase benefits substantially for millions of Social Security beneficiaries we're going to go ahead and dive into this bill right now so ing to the hill Schumer says Senate will vote on Social Security changes now first off before we dive into this article one of the big Provisions is uh basically who is going to see this increase is basically going to be for public sector workers or if you uh receive a pension or if you plan to receive a pension but then you also worked a non-pension receiving job so let's just say hypothetically speaking you are a teacher and you've been a teacher for the last 25 or 30 years or but maybe before you got into the teaching profession you had another career where you're working in something else and you're paying taxes into the Social Security trust fund and you had enough credits going into the trust fund built up over your career to be eligible to receive Social Security benefits you had the 40 credits that you needed and you're expecting to receive Social Security benefits alongside your public pension so you're feeling pretty good about retir but unfortunately once you go to receive once you go to claim Social Security benefits and they also see that you're receiving a pension as well your social security benefit is actually going to be reduced simply because you are receiving that pension now we're going to go ahead and dive into this article once again here by the hill so Senate Majority Leader Chuck Schumer said Wednesday he's doing everything he can to try to pass legislation that would EXA that would enact some enact some social security before Congress ushers in a new class next month Schumer said at a rally the Senate is going to take action on the Social Security telling union members you're going to find out which Senators are with you and which are against you he said I got all my Democrats lined up to support it I want you to work we need 15 Republicans let's get them we're going to have the vote he continued the Democratic leader also posted online to support the legislation dubbed the Social Security Fairness Act leader on Wednesday he said in America there's a basic promise that if you work hard all your life play by the rules and contribute year after year then you deserve a Secure Retirement that's why I'm doing everything I can to pass these Social Security Fairness Act he wrote on the social platform X and the Senate GOP needs to join us so whether or not he actually puts his bill on the floor we've been waiting for a long time he's had a couple weeks now to do so and he's held off until now they only have a few days left to get this thing done because in 20 25 marks a new Congress and at the end of this year this bill is essentially dead and it will have to be reintroduced in both Chambers and once again passed in the house now the article goes on to say that but Congress is on a tight time crunch as it stares down a December 20th cutoff date to prevent a government shutdown the hill ask Schumer's office whether the plan is to attach the bill to the expected stop Gap funding bill that leaders are crafting to address next week's deadline now if passed the bill would repeal the windfall elimination provision in the government pension offset rules that backer say have led to unfair reductions and benefits for some who have worked in public service now just backtracking a little bit they do have a couple different options here first off the easier option would just be to put this bill on the floor vote for it get at least 60 votes it passes the Senate it goes to Joe Biden's desk Joe Biden signs it into law and just like that people are receiving huge benefit increases the second option which is also on the table is as well would be to attach it to the government spinning bill right now they have like a stop Gap funding bill they're they're either going to fund the government over the next year or they're just going to fund the government for the next 3 to four months so whenever we have the new Congress in they can work out what the government funding will be so they can actually attach it to that instead of passing it in a standalone Bill uh doesn't really matter how they do it I just feel like they should do it the less complicated way and that would be Chuck schimer putting the bill on the floor right now and passing it as a Standalone bill now the article goes on to say that however experts say the tax rules are aimed at preventing people who have worked much of their careers and public service from collecting both their pensions and relatively higher Social Security payouts the GP also leads to reductions and benefits for the spouses that receive government pensions some conservatives have also raised concerns about the projected cost of the legislation the Congressional budget office estimated earlier this year that the bill could cost upward of $190 billion over $190 billion over a decade so those are the two drawbacks there people are saying that it's unfair that there's going to be some folks who are receiving a pretty good pension and then alongside that they're also going to be receiving a larger social security benefit than what they should be because they worked fewer years in the private sector so someone who worked fewer years in the private sector or someone who maybe worked their entire career in the public SE in the private sector they might be getting the same social security benefit but then that other person may be person B on top of that soci security benefit they're also receiving a pension as well so they can make a point there that it might be unfair also on top of that that's going to be that's going to mean more money leaving the Social Security trust fund it's going to be an additional $190 billion over a decade which is going to speed up the insolvency date by right around another 6 months now ing to Fed week and these are these are where I get my numbers from if you're wondering where is the $3 $700 coming from they do that repealing the GP in WP would boost benefits by $700 $360 monthly on average so a congressional budget office analysis of the impact of the pinning bills which is the Social Security Fairness Act to repeal the Social Security windfall elimination provision says the action would increase social security benefits for affected it by $360 a month on average at first and then rising to $460 a month in 20 33 and then the estimate further says that repealing the government pension offset would increase benefits at first by an average of $700 a month for spouses and by an average of $1,190 for surviving spouses and then in December 233 that increase would reach $860 and $1,520 respectively now up on the screen you will see the bill in the Senate it does have 62 co-sponsors plus the original sponsor of the of the bill in sherro brown so in total they do have 63 votes and you can see ing to US News what the basics of the wp in GPO uh basically the wp reduces the Social Security benefits of a person receiving a non-covered pension so for example teaching jobs in some states do not pay into the social security system but these workers may have second jobs that qualify qualify them for social security benefits and then under we their social security benefit are reduced due to their teach their teaching pension and then GOP is also similar to WEP except that it affects these Social Security spousal and survivor benefits of someone receiving a non-covered pension so once again it looks like this vote might be coming up very very soon if Senate Majority Leader Chuck Schumer is telling the truth leave your thoughts and comments below is this a bill that you want to see pass would it affect you would it affect your family members leave your thoughts and comments below but that's that's all we have for today's video and I will see you in the next one