Senators Sherrod Brown of Ohio and Bill Cassidy of Louisiana announced the first bipartisan, bicameral effort to reform the Supplemental Security Income (SSI) programme in decades. The SSI programme has not been updated in nearly 40 years and penalises older and disabled Americans for setting money aside for emergencies and their futures. The SSI Savings Penalty Elimination Act, sponsored by senators from both parties, would revise SSI’s asset restrictions for the first time since the 1980s, allowing handicapped and elderly Americans to save money without jeopardising the benefits they depend on to survive.
Wyden, Brown, and Cassidy will propose counterpart legislation in the Senate, while U.S. Representatives Brian Higgins (D-NY-26) and Brian Fitzpatrick (R-PA-1) will do the same in the House. The original Senate sponsors are U.S. Senators James Lankford (R-OK), Bob Casey (D-PA), and Susan Collins (R-ME).
Because they work, save money for the future, and get married, disabled and elderly Americans are penalised under the existing SSI programme. SSI beneficiaries are currently only allowed to have $2,000 in assets, while married couples are only allowed to have $3,000 in assets. For individuals, the average current monthly benefit is $585. Approximately 60% of SSI beneficiaries rely solely on this income. These ceilings, which have not been altered since 1984, would be increased by the Savings Penalty Elimination Act to $10,000 for single people and $20,000 for married couples, with an inflation-adjusted cap.
The dreadfully out-of-date income and asset requirements for Supplemental Security Income make it practically difficult for people with disabilities to work, save, or get married—goals that are important to Americans from all walks of life, according to Wyden. “I’m certain that this nonpartisan strategy is the best way to move SSI into the twenty-first century, especially with the assistance of major enterprises and community organisations alike. I’m dedicated to working across party lines to advance this legislation as the chairman of the Senate Finance Committee, which is responsible for Social Security.
The arbitrary and out-of-date rules of SSI are absurd. Seniors and people with disabilities in Ohio shouldn’t be penalised by the government for doing responsibly and saving money, according to Sen. Brown. It’s past time to remove these antiquated government restrictions and permit SSI recipients in the United States to save money for emergencies and their futures without jeopardising the payments they depend on to survive.
AARP, JPMorgan Chase, the U.S. Chamber of Commerce, the National Association of Evangelicals, Microsoft, the Bipartisan Policy Centre, The Arc of the United States, Catholic Charities, and more are among the more than 300 organisations that have joined the new initiative.
“Congress should update the SSI asset limits, which have grown excessively onerous and hinder the building of even the tiniest amount of personal savings. Therefore, AARP requests that Congress swiftly enact your SSI Savings Penalty Elimination Act, stated Bill Sweeney.
Diversity in the backgrounds, abilities, and experiences of our team boosts innovation and raises our level of competitiveness. We appreciate the bipartisan efforts of Senators Brown and Cassidy, Representatives Fitzpatrick and Higgins in passing the SSI Savings Penalty Elimination Act, which will update the asset thresholds for Supplemental Security Income (SSI) and advance economic justice. The removal of unnecessary barriers benefits both Microsoft and the workforce as a whole, allowing the talent of impaired people to blossom and be a part of our teams and our supply chain, according to Rylin Rodgers, Microsoft’s disability policy advisor.
Sens. Brown (D-OH) and Cassidy (R-LA) and Reps. Fitzpatrick (R-PA) and Higgins (D-NY) deserve praise for their efforts, and BPC Action urges Congress to take action on long-overdue bipartisan measures to modernise the Supplemental Security Income programme for the elderly and Americans with disabilities.
“For approximately 8 million elderly and disabled low-income Americans, SSI acts as a crucial lifeline. However, its antiquated asset restrictions keep individuals in poverty, penalise them for getting married, put up roadblocks to employment, and limit their level of financial freedom. Beneficiaries are unable to save money for essential costs like a security deposit or auto repairs without running the danger of losing their benefits, which puts many people at risk of hunger and homelessness in the event of just one emergency. Because it will provide Americans with disabilities more choice to create the futures they desire and deserve, we firmly support the bipartisan SSI Savings Penalty Elimination Act, according to Darcy Milburn, Director of Social Security and Healthcare Policy at The Arc of the United States.
Americans with disabilities are forced to make a difficult decision under current policy: spend their money now or lose access to crucial help. This is absurd and prevents some people from saving money for chances and needs in the future. Reform of the SSI savings cap is long time. Galen Carey, vice president of government relations for the National Association of Evangelicals, expressed his appreciation to the senators and congressmen who are paving the way for a more compassionate approach to lawmaking.
JPMorgan Chase, like many other businesses, strives to draw in and keep the most highly skilled individuals possible. However, the asset and income restrictions for the Supplemental Security Income (SSI) programme are currently so low that they prevent persons with disabilities from entering the economy, working to their best capacity, and setting money down for the future. We support the bipartisan, bicameral reintroduction of the Savings Penalty Elimination Act, which would update the archaic regulations governing SSI benefits in a rational manner to take into account the current state of the economy and future inflation rates. According to Bryan Gill, head of JPMorgan Chase’s Office of Disability Inclusion, these modifications would be essential in increasing economic opportunity and mobility for people with impairments.
According to Chantel Sheaks, vice president of retirement policy at the U.S. Chamber of Commerce, “The SSI Savings Penalty Elimination Act would help employers fill many open positions with older, experienced Americans who want to stay in the workforce by raising the current asset limits for Supplemental Security Income (SSI) programme eligibility.”