2023 Social Security Summer Updates

Social Security Rental Assistance Program
Rental Assistance Program

The Biden administration has presented a proposal for the 2024 budget, which
highlights the contentions of Medicare and particularly social security. Social
security has been an important issue in poll-bound America. In the proposed
budget, the Biden administration aims to bring multiple changes regarding trust funds, as Americans continue to suffer in the ongoing inflation.

The Trust Funds are expected to be exhausted within 2034, which
has been a contention of concern for the opposition. The Republicans have
propagated to make cuts or even entirely dissolve the SSDI program,
however, President Biden has strongly opposed such proposals and has further
supported to improve SSDI payments.

What Social Security Changes Are Proposed?

The Biden administration has presented a number of changes for social security
this summer. Addressing the Family Medical Leave Act, which was enacted in
In 1993, the administration suggested nationwide paid medical and family
leave which Americans do not have. This program will be regulated by the
Social Security Administration will provide social security aid up to 12 weeks
with partial wage.

The 2024 budget proposal has also announced a 10% hike for the SSA or $ 1.4
billion in its yearly operational budget for improved customer services. Another
the highlight of the budget is increased tax rates for taxpayers who earn more than
$ 400,000 annually, while Biden's proposal safeguards taxpayers from any such tax
hike, who earn below $ 400,000 annually.

The age of retirement is proposed to be increased to 70, which is presently set at
66-67. This issue is being propagated by a group of bipartisan lawmakers aiming to
preserve the trust fund which will be exhausted by 2034. The new budget
proposal has also suggested a 8.7% hike in social security payments in accordance
with inflation.