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the US Senate has just passed the historic Social Security Fairness Act which will result in millions of Americans receiving significant increase in their social security benefits who qualifies what are the details and what are the drawbacks that is the subject of this video this change to Social Security really is a big deal for many people now just to give you an example the average social security benefit in America you know the average is $1,976 for some people now that is going to be increased all the way to $3,559 a very substantial increase others will receive a substantial increase but it won't be quite that significant it's going to depend on their situation and for millions of Americans there will be no increase at all so what are the details and what what's going on with this it has to do with the windfall elimination provision now if you know what that is that means you're probably affected by it and you're very well aware of what it is if you don't really know what that is then you're probably not it's not going to impact you um in a in a positive way so the weap or windfall elimination provision was designed and this is spent part of social security for over 40 years and people have been fighting against it for 40 years years and then they have finally now it has been repealed so this applies to people who have um a government pension so the idea behind the windfall elimination provision was that you know we're talking about people like police officers teachers firefighters postal workers and other uh government workers who as part of their Compensation Plan they have a pension a government pension and these government pensions are typically better than Social Security and so the idea was well if you're going to have a government pension you can't also have social security because that would be a windfall or kind of like double dipping but but in reality it really never was double dipping and that's why I think it's it's now been repelled because so it for people who now have a government pension and and Social Security the only way that they have social security is if they work in the private sector so after their government job or before their government job whatever they've they worked and qualified for Sol secured benefits which means they worked for more than 10 years in the private sector and so in that scenario even though they would normally have qualified for soci seced benefits the windfall elimination provision would drastically reduce their social grade benefits that say well because you already have a government pension and so really wasn't fair because now while they were working with the government job they were not paying into Social Security so kind of made sense that they wouldn't get Social Security right but for many of these government workers after their government job or before they are working in the private sector and they did pay the attacks they did pay into Social Security and they did qualify just like everyone else based on how much time they worked and how much they paid in and so this really does um make it fair and puts everyone on the same playing field as far as how you actually qualify for full social gr benefits so this is a big win for our teachers and our firefighters and police officers and other government world workers and it's it really is going to be a significant increase not only for them but for their spouses so the spousal portion was referred to as the government pension offset and it would almost eliminate a spousal benefit in that scenario and now that's going to go away and so now the spousal benefits will be just like everyone else's um as well as survivor benefits so this is a very very uh long fought for for many people they've been trying to get rid of the this this provision and it's finally happened now there is a downside to this right because it comes with a cost so this is going to cost um north of $190 billion and it is it impacts the Social Security trust funds so where Social Security is currently set to fall short around 2033 this change accelerates that by about six months so on one hand we still have the problem of Social Security not being properly or fully funded and by operation of law if nothing changes once we reach that point where the trust funds are depleted around 2033 2032 then it's about a 20% reduction that would happen across the board automatically so if you're so security benefit is let's say $1,000 a month and there are no other changes to Social Security it would automatically go to $800 a month if you're receiving 20,000 or excuse me $2,000 a month then of course that would drop to $1600 a month so that's the way things are right now so for those of you that qualify when will you see the increase so this law actually um is retro all the way to January 1st of 2024 4 um it's probably going to be I would guess February 2025 before um people start seeing the increase but it's not just going to increase they got a whole year retro so there's going to be a significant amount of additional cash going out to to millions of Americans to to catch them up because it is retroactive now I've got some footage here I want to share from couple of the Senators as they were talking about and debating this issue Ted Cruz is someone who had been working on this for about five years and he had an alternate plan rather than just repealing web and gopl completely he had a plan that it benefited the you know it helped folks but it didn't cost as much and so he was fighting hard for that and also Senator Joe Mansion uh the two of them were fighting hard so they didn't get it the way they wanted it they think um it could have been done better anyway here's some footage of them that I think you'll find interesting Mr President I rise today on behalf of the 476,000 West Virginia who rely on Social Security benefits a majority of our seniors in every state relies on Social Security benefits and we know that we're in trouble the Senate is considering the Social Security Fairness Act which would repeal the windfall elimination provision and government pension offset from the social security benefit calculation providing relief for many public employees who have been adversely impacted now make no mistake we have a problem we all agree the status quo is unfair and it penalizes millions of hardworking Americans whether it's teachers firefighters police officers among others but we also have an obligation to honor our promises to ensure that Social Security is going to be there for the people who have paid into it and haveed ear it and also those Generations who come after we can fix this problem without blowing a hole in the Social Security trust fund this is a $200 billion price tag and we can fix that without having any any effect on our budget but that's just unbelievable no one seems to really concerned about what we have in the debt we're facing one of my first meetings here and hearings I gone to and this is an early 2011 the armed services committee I asked former Admiral Mike Mullen I says chairman maren he's chairman of the joint C of Staff what's the greatest threat facing America and I'm thinking I'm going to hear what the military Powers around the world he never hesitated one second he said the debt of the nation will bring us down first the debt of our nation has brought down every every major Society in history and that's exactly what we're on track to do we have a fiscal crisis in this country right now and no one's talking about it on either side of the AL we're not talking about in fiscal year 2013 we had a federal spending was less than 3.5 trillion in fiscal year 2023 10 years later at 6.1 trillion that's a 75% increase no one can withstand that last year total revenues were 4.4 trillion which left us with a deficit of $1.7 trillion the largest deficit in the US history since the pandemic we've been spending more than we bring in every year for the last 22 years and the debt that has resulted from it is absolutely crippling most Americans couldn't even last 22 paychecks let alone 22 years of spending more than they brought in years of fiscal irresponsibility have brought us to the crisis we are today which is more than $36 trillion of national debt that breaks down to $104,000 for every man woman and child in this great country of ours $104,000 liability on every human citizen in the United States of America and terrifying to think at the end of the fiscal year we're going to spend more on paying the just the interest just the interest on our debt than we do to defend our country this is the crisis we're facing and we're going into this blindly and it passed overwhelmingly with clure at 72 votes unbelievable that no one's even thinking about what we can do and how we could do it better I thank my friend the senator from West Virginia who is standing here we are standing here together with a bipartisan plea to the Senate to act in a reasonable fiscal responsible way Senator mansion and I are also in a bipartisan way asking the Senate don't sell seniors down the river look we all know the United States Congress spends like drunken Sailors and frankly that's not fair to the sailors because at least they're spending their own money but even in that context what we saw earlier today was tragic the vote earlier today was designed to solve a real problem the windfall elimination provision the web provision it was enacted in an effort to ensure Social Security benefits are paid fairly and they recognize the amount that is actually paid into Social Security however when the web was enacted it got the formula wrong and the result is for thousands upon thous thousands of retired police officers and retired firefighters and retired teachers they got short changed a very significant number of those cops and firefighters and teachers are in my home state of Texas I have heard from countless firefighters and cops and teachers who have raised that issue and since 2017 I've been fighting to fix the wet problem in 2017 I introduced legislation to fix the inequity and to treat our retired cops and firefighters and teachers fairly my legislation I worked on very closely with Kevin Brady Republican in the house then the chairman of the house Ways and Means Committee he initially had an agreement with the Democrat ranking member on the house Ways and Means Committee to get this resolved but unfortunately house Democrats backed out of that agreement and so we didn't fix the weap in 2017 we didn't fix it in 2018 we didn't fix it in 2019 or 2020 or 2021 or 2022 or 2023 and now just days before Christmas we step in with this bill designed to fix the inequities for retired police officers firefighters and teachers so what's the problem the problem is this current bill simply repeals the weap across the board which is a massive cost to Social Security this bill imposes a cost on the Social Security trust fund of90 billion nearly $200 billion what else does this bill do that we just voted on it accelerates the insolv y of social security by 6 months Social Security System right now is scheduled to be insolvent within 9 years by 2033 as a result of this vote if the same 73 Senators who just voted for this provision stick with it social security goes broke six months earlier what does that mean when Social Security if social security goes insolvent there is an automatic benefits cut of 20% over 20% that goes into effect automatically by operation of law so what did 73 Senators vote to do today to throw granny over the cliff to hurt social security for every senior citizen in America now if that was our only choice if our only choice was treat the cops and firefighters and retired teachers fairly or do harm to Social Security and to seniors I could understand people making that tradeoff it's an ugly trade-off but I could understand it because we absolutely need to treat retired cops and firefighters and teachers fairly but there is another Choice the legislation that I introduced in in 2017 and have been fighting to pass ever since I know there's a lot of emotions around this some people are absolutely elated about the change others it makes them more nervous than they were before um and no doubt there's challenges to be addressed and and more changes to come and so um we will keep you up to date as significant things transpire that will impact you and your retirement if you haven't subscribed to the channel hope you'll do that and I look forward to seeing you in the next episode of the financial pass Lane [Music]