Political Quotes

“Mr. President, Congress must address the challenges facing Social Security. Unfortunately, the Social Security Fairness Act fails on all counts and doesn't even come close to living up to its name. Let's start with the flawed benefit calculation this legislation seeks to return to. The government pension offset, or GPO, and the windfall elimination provision, or WEP, were enacted to fix serious problems in how Social Security benefits were calculated. Before the WEP existed, individuals with mixed careers in public and private sectors often received more in Social Security benefits than they were entitled to receive. Imagine two people, each earning $85,000 annually in their respective primary jobs. One worked in the private sector and paid into Social Security, but the other person worked in the public sector, contributing to a State pension fund instead of Social Security. Both earned an additional $10,000 a year from the side job that did pay into Social Security. Without WEP, the public sector workers would receive Social Security benefits as though they were a low-income earner, based solely on their $10,000 in side income. This miscalculation would grant them overly generous Social Security benefits on top of their public pension and act contrary to and against the interests of other Social Security beneficiaries. The GPO addresses a similar issue with spousal benefits.…”