How the SSI Restoration Act Could Lift 8 Million Beneficiaries Out of Poverty
EconomyInequality and PovertyThe SSI Restoration Act proposes significant changes to SSI benefits, including a $339 increase per month, a new calculation for cola, and raising benefits to the federal poverty line. These changes could have far-reaching implications for millions of SSI beneficiaries.
Proposed Increase in SSI Benefits
⭐The report suggests increasing SSI benefits by $339 per month for all 8 million beneficiaries.
⭐There is also a piece of legislation proposing the same $339 increase in SSI benefits.
Changes to Cola Calculation and Poverty Line Adjustment
✨The suggested adjustment is to change the calculation of cola from CPI W to CPE.
✨The difference between CPI W and CPE is small each year, but compounded over time it can result in significant financial gains.
✨The study suggests a 24-year period for the compounded effects to take place.
FAQ
What is the goal of the SSI Restoration Act?
The goal is to lift approximately 8 million SSI beneficiaries out of poverty by implementing changes to SSI benefits, including a $339 increase per month and raising benefits to the federal poverty line.
How will the proposed changes impact SSI beneficiaries?
The proposed changes could significantly improve the financial well-being of SSI beneficiaries by increasing their monthly benefits and adjusting the calculation of cola to better reflect the cost of living.
What are the potential political implications of implementing the SSI Restoration Act?
Implementing the SSI Restoration Act could have significant political implications in the 2024 election year, as it addresses the financial well-being of millions of SSI beneficiaries.
How long has it been since Social Security beneficiaries lost purchasing power?
Social Security beneficiaries have lost 36% of purchasing power since 2000.
What is the expected impact of the SSI Restoration Act in 2024?
2024 is expected to be a busy year with a lot of developments, including potential changes to SSI benefits and the federal poverty line.
Summary with Timestamps
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The SSI Restoration Act proposes significant changes to SSI benefits, including a $339 increase per month, a new calculation for cola, and raising benefits to the federal poverty line. These changes could have far-reaching implications for millions of SSI beneficiaries.
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