Millions of Social Security beneficiaries would receive an additional $200 a month – the so-called “Bernie Bump” – under a new proposal. U.S. Sen. Bernie Sanders, I-Vermont, introduced the “Social Security Expansion Act.” Under the terms of the bill, current Social Security recipients will receive an additional $200 a month, dubbed the “Bernie Bump” in honor of its author. The increase would be in addition to any annual cost-of-living adjustment, according to the bill, and would cover virtually all Social Security beneficiaries, including those receiving retirement, disability and survivor benefits. for urban wage earners and white-collar workers, a measure that weights health care and prescription drug costs more heavily when calculating inflation. READ MORE: These Social Security recipients face a loss of $16,900 a year in benefits, study finds How does the bill address the looming Social Security shortfall? “If Congress does not act in the next six years, Social Security benefits will be reduced by 22 percent. We have an obligation to the American people to ensure that never happens,” Sanders wrote in a letter to his colleagues. “Equally important, we have a responsibility to tell the American people exactly where we stand. Americans deserve to know not only how we will expand the solvency of Social Security, but also how we will address the retirement crisis facing millions of seniors today.” Those changes would protect 91% of American households earning $250,000 or less from any tax increases, according to a fact sheet on the bill. They would also extend the life of Social Security by 75 years, Sanders said.
