Bernie Sanders Introduces Social Security Expansion Act

U.S. Senator Bernie Sanders introduced the Social Security Expansion Act to provide millions of beneficiaries with an additional $200 per month. This increase, termed the "Bernie Bump," would apply to retirement, disability, and survivor benefits and function independently of annual cost-of-living adjustments (COLA).

To fund the benefit increase and address a projected trust fund shortfall in 2032, the legislation proposes raising the Social Security payroll tax cap to subject all income above $250,000 to taxes. The act also seeks to modify the COLA calculation by using the Consumer Price Index for the Elderly, which assigns greater weight to prescription drug and healthcare costs.

Sanders stated that these measures would extend the solvency of Social Security by 75 years. He argued that without congressional action within the next six years, beneficiaries would face a 22 percent cut in benefits.