Social Security Fairness Act

[desertrunner]

Sharing this one current story and hope to post others.

WASHINGTON, D.C. (KALB) - On November 12, 2024, the U.S. House of Representatives passed House Resolution 82, commonly known as the “Social Security Fairness Act of 2023.”

With a resounding 327 to 75 vote, the U.S. Senate will now take up H.R. 82 before President Joe Biden decides the bill’s future.
H.R. 82 aims to eliminate two Social Security provisions in the U.S., the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). HR 82 was co-authored by Louisiana Republican Congressman Garret Graves and Virginia Democratic Congresswoman Abigail Spanberger.

According to Graves, these two provisions unfairly reduce or eliminate earned Social Security benefits for approximately 2.8 million Americans, who’ve devoted much of their careers to public service, including police officers, firefighters, educators and federal, state and local government employees.
Graves and Spanberger both shared this statement:

“By passing the Social Security Fairness Act, a bipartisan majority of the U.S. House of Representatives showed up for the millions of Americans — police officers, teachers, firefighters, and other local and state public servants — who worked a second job to make ends meet or began a second career to support their families after retiring from public service.

A bipartisan majority of the U.S. House voted to provide a secure retirement to the hundreds of thousands of spouses, widows, and widowers who are denied their spouses’ Social Security benefits simply because they chose careers of service. These tireless advocates have for decades urged their elected representatives to listen to their stories and correct this injustice — and today, a bipartisan majority of the U.S. House voted for them.
For more than 40 years, the Social Security trust funds have been artificially propped up by stolen benefits that millions of Americans paid for and that their families deserve.

The long-term solvency of Social Security is an issue that Congress must address — but an issue that is wholly separate from allowing Virginians, Louisianans, and Americans across our country who did their part and contributed their earnings to retire with dignity.”

“The time to put an end to this theft is now. A broad, bipartisan coalition of 62 Senators have signed on to our bipartisan Social Security Fairness Act — surpassing the majority needed to pass the bill on the U.S. Senate floor and send it to the president’s desk to be signed into law. We encourage Senate leadership to build upon this clear momentum, bring our bipartisan effort up for a vote, and deliver retirement security to Americans who have earned it.”

[Tellafriend]

that was at best a poorly written article that calls for the reader to draw inferences and make assumptions. bottom line the system has been abused and broken for decades. the piper is just about ready to collect his due.

[Sanlmar]

California’s unfunded pension liability crisis seems like a calamity that will come home to roost in the next decade or so too

I cannot imagine how that plays out. Maybe China will be eager to buy California junk bonds

Nevada and Cali are the worst but Massachusetts is no prize either

[Tellafriend]

California’s unfunded pension liability crisis seems like a calamity that will come home to roost in the next decade or so too

I cannot imagine how that plays out. Maybe China will be eager to buy California junk bonds

Nevada and Cali are the worst but Massachusetts is no prize either

oh San, have i taught you nothing? you may need to revisit the end of times thread beginning on page 1. the precedent for this, and all other financial calamities, has long since been laid.

[desertrunner]

California’s unfunded pension liability crisis seems like a calamity that will come home to roost in the next decade or so too

I cannot imagine how that plays out. Maybe China will be eager to buy California junk bonds

Nevada and Cali are the worst but Massachusetts is no prize either

Over the last 15+ years, I have heard the same false BS repeated over and over by some ignorant conservatives that are jealous of CalPERS. Yes, I am a CalPERS retiree (Druff can confirm), yes I somewhat very critical of CalPERS, but the honest truth is that are doing very well and still have the power to change or shift the stock market if they want to. Now, CalPERS has done well during the crappy Biden years, but I expect them to flourish more under Trump. I dont think CalPERS is going to decline or collapse anytime soon.

CalPERS posts 9.3% gain for 2024, but misses its 1-year benchmark

CalPERS returned an annualized 6.6% for the five years, about even with its benchmark; 6.2% for the 10 year period, missing its 6.3% benchmark; and 6.7% for the 20 year period, underperforming its 7.2% benchmark.

The best performing asset class for fiscal year 2024 was public equity with a 17.5% net return, followed by private debt with 17%, private equity at 10.9% net internal rate of return, fixed income, 3.7%, and real assets, -7.1%. Private market returns are reported with a one quarter lag.

As for Nevada, I was also in Nevada PERS along time ago, Druff can confirm. As for as I know, Nevada PERS is doing pretty well too and in no area of failure.

As for Massachusetts, I dont know about them.

CalPERS is an organization to watch and I will post about them in here later on.

[lol wow]

ALERT SONATINE THIS PROBABLY APPLIES TO YOU BECUASE YOU ARE 90