• World News
  • Politics
  • Stock
  • Investing
  • Editor’s Pick
Time And Sales Reporter
Editor's PickInvesting

Congress Should Reverse its $196 Billion Social Security Mistake

by February 10, 2025
February 10, 2025

Romina Boccia and Ivane Nachkebia

Reverse gear

The Social Security Administration (SSA) recently released an FAQ on the so-called Social Security Fairness Act (HR 82), which eliminates the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). While the SSA focuses on the benefit increases that public sector workers can expect to collect (some in excess of $1,000 more per month!), the FAQ fails to mention that this legislation comes at a steep cost to younger workers—adding $196 billion to Social Security’s cash-flow deficits over the next decade and accelerating trust fund insolvency by six months. 

It’s not too late for Congress to backtrack before the SSA implements these unfair benefit increases. By the agency’s admission, “SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits.”

Before the repeal of the WEP and GPO, stabilizing Social Security’s finances without benefit reductions would have required an immediate and permanent payroll tax hike from 12.4 percent to 16.73 percent—an increase of $2,660 for someone earning $61,440 per year. Now, the necessary rate is 16.84 percent—costing the median worker an extra $68 per year (see the figure below). In other words, 180 million workers will pay more so 3.2 million retired public sector workers can collect more.

The SSA emphasizes the complexity of implementing these changes, warning that processing must be done manually on a case-by-case basis. Yet, instead of reconsidering the law’s impact, a bipartisan group of 28 senators is pressuring the agency to rush implementation, increasing the risk of costly errors and improper payments.

It’s not too late to reverse course. Congress should repeal this costly mistake before the damage is done.

previous post
Iran’s campaign trail threats against Trump more serious than publicly reported, book claims
next post
Tulsi Gabbard faces next test in confirmation battle with key Senate hurdle

Related Posts

Lululemon sues Costco over selling alleged dupes

July 2, 2025

Clean energy stocks fall as Trump bill would...

July 2, 2025

Google makes first foray into fusion in venture...

July 2, 2025

FinEx Metals

July 2, 2025

DFS Investor Webinar Presentation

July 2, 2025

QEM Appoints Robert Cooper as Director, following Leadership...

July 2, 2025







    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.




    Recent Posts

    • Google makes first foray into fusion in venture with MIT spinoff Commonwealth Fusion Systems

      July 2, 2025
    • Clean energy stocks fall as Trump bill would tax components from China, phase out credits

      July 2, 2025
    • Lululemon sues Costco over selling alleged dupes

      July 2, 2025
    • Tech Stocks Lead the Charge: What’s Driving the Momentum?

      July 2, 2025
    • S&P 500 Earnings for 2025 Q1 — Still Overvalued

      July 2, 2025
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 timeandsalesreporter.com | All Rights Reserved

    Time And Sales Reporter
    • World News
    • Politics
    • Stock
    • Investing
    • Editor’s Pick

    Read alsox

    Recapping the Cato Tax Boot Camp

    February 7, 2025

    Update: DOJ Jumps the Shark

    February 14, 2025

    What is the VIX Index?

    April 29, 2025