(VOR News) – On Saturday, the U.S. Congress passed a plan to increase Social Security retirement payouts for some retirees who receive public pensions, a move that critics say will further erode the program’s financial stability. Among these pensioners are former firefighters and police officers.

The Social Security Fairness Act was passed by the Senate on a bipartisan vote of 76-20 just after midnight. The act may lower payments for those receiving pensions and aims to repeal provisions that have existed for 20 years.

The House of Representatives passed the bill last month by a vote of 327-75, meaning that if the Senate also approves it, it would be delivered to Democratic President Joe Biden to become law.

The White House dodged enquiries regarding Social Security’s objectives.

In order to limit government benefits for certain higher-paid employees who are also getting pensions, the measure will reverse a long-standing change to the program. It has become increasingly common in recent years for municipal employees, such as postal workers and firefighters, to face pay limitations.

The vast majority of Americans do not take part in pension plans that provide a fixed return on investment, instead relying on their own savings and Social Security. According to data from the Department of Labour, only 10% of private sector employees in the US are covered by pension plans.

The new rules apply to about 3 percent of Social Security users, or more than 2.5 million people in the United States. Legislators are heavily influenced by the workers and retirees impacted by these rules, and the powerful advocacy organisations that speak for them have been using the legislative process to push for a legislative cure.

According to retirement experts, some retirees may be able to earn hundreds of dollars more in government benefits each month as a result of the move.

According to a Congressional Budget Office analysis, the bill is expected to cost approximately $196 billion over the next 10 years. As a result, federal budget experts are worried that the change could negatively affect the program’s already fragile financial status.

In an interview with the Bipartisan Policy Centre, Emerson Sprick, associate director of economic policy, said he was frustrated by “the overwhelming support in Congress for the contrary of what policy researchers concur on is quite frustrating.”

Instead of eliminating current formulas, we could improve them.

Among these changes is the Social Security Administration’s increased disclosure of the anticipated monetary benefits for these public sector workers.

The Committee for a Responsible Federal Budget, a nonpartisan fiscal think tank, has voiced concerns that the additional cost will impact the program’s ability to continue.

Maya MacGuineas, the organization’s leader, made the declaration, saying, “We are hastening towards our own fiscal ruin.”

“It is noteworthy that lawmakers are in a position to shorten the timeframe by six months, as there are just nine years left before the trust fund for the biggest program in the country runs out.”

Senator Ted Cruz, a Republican, said on the Senate floor on Wednesday that the bill in its current form would “throw granny over the cliff.”

According to what he stated, “every senator who votes to impose a burden of $200 billion on the Social Security Trust Fund is opting to put the interests of senior citizens who have contributed to Social Security and earned those benefits in jeopardy.”

Those who favoured the legislation said that the question of what would happen to Social Security could be settled later.

“Those are significantly longer-term concerns that we must collaboratively address,” a supporter of the idea Senator Michael Bennett told Reuters when asked if the move would affect the government’s capacity to be viable.

SOURCE: BR

SEE ALSO:

King Charles Could Millions Annually from Renting His Properties

Man Creates Candy Cane Car to Spread Christmas Cheer

A recent analysis suggests that King Charles might earn over £1 million each year by renting out royal properties to holidaymakers.

The Royal Family’s historic houses and mansions are popular holiday rentals, contributing significantly to the Palace’s revenue.

Pikl Insurance estimates that the royals may earn up to £118,775.85 per month, or around £1,425,310.20 per year, from their holiday rental portfolio. Even after accounting for cancellations, the monarchy is anticipated to generate a net annual income of somewhat more over £1.4 million.

Estimated Annual Rental Income of £1.4 Million

The four primary royal properties accepting public bookings are Balmoral Castle, Castle of Mey’s Captain House, Restormel Manor, and Dumfries House, according to Express.co.uk. Cottages at Balmoral Castle in Scotland are expected to generate £36,798.30 per month after accounting for cancellations.

According to the numbers, the 500-year-old Restormel Manor in Cornwall is the most profitable of them all, earning a solid £47,082 every month. The resort, located in the Fowey Valley, has four booking spaces and six converted barns.

Dumfries House in Ayrshire, Scotland, adds an estimated £31,185.63 and offers 25 rooms for booking. The Castle of Mey’s Captain House in the Scottish Highlands is estimated to generate a more modest £3,709.92 per month, despite the fact that the entire property is available for booking.

The analysts stated, “While the Royal Family’s primary role is undoubtedly to serve the nation, it is clear that their properties are also a valuable asset.” These estimates highlight the royal estate’s considerable financial potential and provide an intriguing peek into the monarchy’s corporate operations.”

Royal Family received £86.3 million from the taxpayer-funded Sovereign Grant in the previous fiscal year, according to official numbers released in July.

All revenues from the Crown Estate, which includes royal households, forestry, agriculture, and offshore wind, are paid directly to the Treasury, with a portion of this money, now 12%, returned to the Royal Family to finance their tasks.

The records also cover a period of jubilation, including the coronation and festivities surrounding the King and Queen’s crowning in May of last year.

In a delightful display of holiday spirit, a local resident in North Providence, Maine, has transformed his vehicle into a candy cane delight that is capturing hearts and spreading Christmas Cheer.

Over the past 15 years, Dave Clayman has transformed a simple 1991 Toyota Camry into a rolling holiday icon that captivates everyone who encounters it.

It’s wrapped in $3,000 worth of reflective tape, the same kind used on trailer trucks. Whether parked at a mall or cruising down the highway, you can’t miss it with its candy cane decorations.

This whimsical project started with an unusual idea. When an old exercise bike landed in Clayman’s possession, he mounted it on top of his car instead of letting it gather dust in his garage.

“There’s nothing like working out in the fresh air,” Dave said. That quirky addition quickly drew eyes, inspiring him to keep going.

The car features homemade rockets built from trash cans and salad bowls, candy cane-themed hubcaps, and candy cane lights dangling from the mounted exercise bike.

The Candy Cane Car cost Clayman $3,000

To top it off, it boasts a PA system and a custom horn, making it a true sensory experience.

The candy cane car has now become a local landmark every Christmas. Parked outside Clayman’s house, it’s a favourite backdrop for people snapping photos or simply stopping to admire it.

Some visitors even share stories of seeing the car as a child, reminiscing about how it’s been a beloved part of their neighbourhood for years.

“When people see it, their mood amplifies,” Clayman explained. “If they’re happy, they become happier. If they’re upset, well, they sometimes get angrier.” But for the most part, he estimates that over 96% of people love the festive car, particularly around Christmas.

Clayman said he used to wear a Santa costume when riding in his festive car for years. A few years ago, he bought a Grinch costume and never looked back.

“It’s like a state of euphoria. Every time I get behind the wheel and people see it,” he said. “Anything that people are in a better mood, it seems to make you in a better mood. It’s a labor of love you got to be committed to it.”

Related News:

Costco Is Offering The Peloton Bike+ At 300 Locations This Holiday Season.