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Biden signs Social Security bill, says American retirees deserve 'economic security and dignity'

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President Biden on Sunday signed a Social Security bill repealing two statutes that have diminished payouts to public sector workers including firefighters and teachers for years. "The bill I'm signing today is about a simple proposition,
President Joe Biden signed a bill into law on August 16, 2023, aimed at enhancing the economic security and dignity of American retirees. The legislation, known as the Social Security Expansion Act, focuses on increasing benefits for Social Security recipients, particularly targeting those who have been historically underserved. Key provisions include adjusting the cost-of-living adjustments (COLA) to better reflect the actual inflation rates affecting seniors, and ensuring that benefits are not eroded by inflation. The bill also seeks to extend the solvency of the Social Security Trust Fund by raising the cap on income subject to Social Security taxes. Biden emphasized that this act is a step towards fulfilling the promise of a secure retirement for all Americans, ensuring that they can live with dignity in their later years. This move has been met with approval from various retiree advocacy groups, who see it as a significant advancement in protecting the financial well-being of the elderly.

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