Social Security could get a big boost under a new congressional plan after a bill aimed at restoring and modernizing its operations was introduced by Senate Minority Leader Chuck Schumer. If passed, the bill, also known as “Keep Billionaires out of Social Security Act” could impact over 60 million Americans who rely on the program.
Why Social Security Is at a Tipping Point
The new congressional plans come at a time when the Social Security trust fund is facing a potential exhaustion by 2033, which would trigger benefit cuts of 23% if Congress fails to intervene.
Besides the potential cuts, Social Security is struggling with service issues due to years of staff reductions and office closures across the country. These cuts, pushed by the Department of Government Efficiency (DOGE) during Trump’s administration, have also led to massive changes in service delivery at the Social Security Administration (SSA). Many recipients of Social Security benefits have complained of delays, website crashes, and overwhelmed phone lines, forcing them to wait for long hours, with some ending up without getting any help.
What the New Legislation Would Do
The new legislation aims to:
- Prevent the closure of SSA field offices and job cuts.
- Hire more Social Security workers to solve the understaffing issue affecting service delivery.
- Modernize outdated technology systems.
- Protect beneficiary data.
- Shorten phone wait times for services.
According to Schumer, these changes are necessary because they will enable the SSA to meet the growing demand as more Americans retire. Beneficiaries will also be assured to get their hard earned benefits.
“These people worked hard and earned the benefits,” said Schumer. “The least we can do is make it accessible so they can get them. We need to stop the cuts to Social Security and start investing to make it stronger for the future, and this bill is how we guarantee that.”
Who Stands to Benefit Most?
The legislation would be most beneficial to retirees, disabled individuals, and low-income seniors who entirely depend on Social Security as their primary source of income. According to Josh Riley, a U.S. Representative, the bill legislation would benefit those who rely on it most.
“It’s food on the table. It’s prescriptions that can get filled. It’s keeping the lights on. It’s the rent paid on time,” said Riley. “It’s a Christmas present for the grandkids. It’s peace of mind.”
Leaders, such as Broome County Executive Jason Garnar, supported the legislation, stating that it is their responsibility to protect and strengthen the SSA program so that it can continue to serve those who rely on it most.
How This Fits into Broader Changes
The legislation aims to make life more bearable for Social Security recipients. Earlier this year, beneficiaries received increments in their monthly payments thanks to a 2.5% cost-of-living adjustment (COLA).
The Social Security Fairness Act also eliminated reductions in benefits for public servants, such as police officers, teachers, and federal employees, including retroactive payments dating back to January 2024.
The legislation is similarly important because it pushes for reforms, especially now that the long-term health of the program is uncertain.
Will the Bill Pass?
Despite the massive support among Democrats, experts, such as Kevin Thompson, CEO of 9i Capital Group, warn that the bill faces an uphill battle in a gridlocked Congress. Additionally, Democrats don’t have the numbers to push it through on their own. Therefore, it would only be possible for the bill to move forward if Republicans supported it.
Schumer and his allies will formally introduce the bill in September, aiming to make reforms that would transform Social Security and save it from its looming depletion. The bill comes at a time when pressure is mounting on Congress to act, in addition to demands from beneficiaries for better and reliable services.
If you rely on Social Security, this bill could directly affect your benefits, so stay up to date.