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Pro invoice for Security

what's going on everyone welcome back to the show So today we're going to talk about the social security Fairness Act we're going to take a look and a listen to Senator Cassidy he's going to be talking about voting on this bill let's vote as soon as possible is basically what he's going to be saying and so this is a local news Outlet I believe in Louisiana and we'll we'll take a look and then we're going to talk a little bit about this but before we do if you guys can do me a favor please like the video and if you're watching this video and you want to see more content like this please consider subscribing to the channel and also follow me on Blue Sky I just opened up an account a few weeks ago and I will be posting all of my videos there as well as I'll be making some other post on Blue Sky so make sure you follow me over there I'll have a link it'll be in the comment section it'll be pinned at the very very top okay so let's go ahead we're going to take a look at this uh local news Outlet they're going to be talking about the social security Fairness Act as well as Senator Cassidy is going to talk a little bit he's going to be I believe it was on the senate floor talking about uh this very issue so let's go ahead and play the clip here we go well there are just a couple weeks left in the current Congress and many retirees in Louisiana are closely watching to see if the Social Security Fairness Act will pass out of the Senate and be signed by the president the bill would do away with the windfall elimination provision and government pension offset that deducts funds from some monthly payments it would impact millions of people Nationwide but the price tag could cause a holdup on the senate floor Senator Cassidy who supports this bill says it's a small amount when you consider what's at stake I was going to meet Chuck Schumer and so I I raised this issue uh and so I I think we'll probably get I'm hoping we get a floor vote now if somebody objects to it because it does cost a hundred billion doar or something like that it may be that somebody objects to it based on the fiscal note I will point out that $100 billion is only six months out of the trust fund Senator Cassidy said he has been meeting with Majority Leader Chuck Schumer to try and get a floor vote scheduled on the bill before time runs out okay so first off I want to I want to just go back and look at some of the stuff that he said so he was talking about a hundred billion now you would think by this time these Senators would know how much this bill could potentially cost and it's not 100 billion it's 196 billion now the Congressional budget office they put this information out there and what they do they research all these different proposals and they come back to Congress and say okay look this is how much it would cost this is what it would do so it' be about 196 billion now that's over 10 years and that's very important for us to to uh to know this is not just a onee thing this is over 10e span it would be $196 billion now he was correct in saying that it would expedite the trust funds uh 6 months and what that means is let's say we're looking at a deadline date in of 10 years so the trust funds we have two trust funds when it comes to Social Security they are being slowly depleted in about 10 years they will be completely depleted if we get to that point and Congress hasn't acted they haven't reformed Social Security then we're looking at a cut of about 23% across the board for everyone receiving benefits and that is automatic that's not something that Congress you know Congress has to actually reform Social Security if they don't reform it it's an automatic cut so one day you get your full check that next that next month you're you're going to see a 23% cut around a 23% cut in your benefits if Congress does nothing so that's the way it currently sits now what would happen if they pass the Social Security Fairness Act it would eliminate weapon GPO If you eliminate weapon GPO that means that you're going to have about 2.5 to 2.8 million people who are currently receiving Social Security benefits be able to receive more in benefits because if you eliminate weapon goo what they do is they reduce the amount of benefits that you can receive if you are already receiving a pension and so that's the situation that we're looking at right now so what Senator Cassy was saying is he's saying that it would expedite it 6 months and that is correct the CBO has come out with that information saying it would expedite about 6 months so instead of 10 years we'd be looking at 9 years and 6 months so it's really I mean if you really look at it there are different proposals that we've heard that are out there if you're looking at this proposal this is really not going to hurt the trust funds as much as some of the other stuff that's out there and a good example of this is President Trump is talking about eliminating taxes for people receiving Social Security benefits which would allow them to receive more money so guess what when it comes to the trust funds that would expedite the trust funds two years and so we're looking at the Social Security Fairness Act that would expedite it 6 months we're looking at eliminating taxes on people receiving Social Security benefits and that would expedite it 2 years and so where are we right now so just yesterday Senator Schumer leader Schumer indicated that he would bring this bill to the floor which means that they'll be able to vote on it and guess what you have 61 co-sponsors you only need 60 votes you have 61 co-sponsors it should pass now something else that Senator Cassidy mentioned he mentioned that you could have one Senator or a few Senators saying look this is there there's no pay fors we're we're not paying for and we don't have any Revenue stream coming in so we're not going to vote for this bill and we're going to try to block this bill so that would just take more time I think they would still be able to pass the bill but it would just take more time because you're going to have some objection so that's all we'll be looking at there but that could potentially we could potentially see that we already had in the house you already had some members of the House saying look there's no pay for for this uh proposal so we can't we we we can't go along with this but the funny thing is guess what when it comes to Social Security when it comes to the Social Security Fairness Act as I stated before the money is coming from the trust funds so this money is not adding to our debt it's not adding to the the deficit that we see every year it doesn't do any of that we have money in the trust fund we have about $2.7 trillion sitting in the trust fund right now they withdraw from that trust fund that's where the money would come from but the interesting thing is that you're going to have some of these same senators and some of the same Congress people as a whole that are going to vote for defense spending and guess what defense spending adds to our deficit every year and then adds to our national debt and so they're going to vote for that without any pay Force they're going to vote for that but they might say oh I have an issue with the Social Security Fairness Act so we'll have to see where it goes from here but this I mean it is good news that we have leader Schumer saying that he will bring it to the floor and you have support on both sides Democrats and Republicans Senator Cassidy is a republican saying that look we want to move forward with this bring it to the floor so we can go ahead and vote on it and pass it to help people who are currently receiving pensions if you guys want to know more information about weapon goo I did some extensive videos on it I'll have them linked at the end of this video but basically if you receive a pension you should be aware of weapon GPO if you're working right now and you're paying into a pension you should be aware of what weap GPO can do as well as if you are already retired and receiving Social Security benefits I'm sure you're well aware of the impact of weapon gopo if you guys have any questions let me know in the comments below if you like this video please give me a thumbs up please subscribe for more and I'll talk to you in the next one bye [Music]