Seeds of Wisdom RV and Economic Updates Thursday Afternoon 2-27-25
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SOCIAL SECURITY ANNOUNCES EXPEDITED RETROACTIVE PAYMENTS AND HIGHER MONTHLY BENEFITS FOR MILLIONS – ACTIONS SUPPORT THE SOCIAL SECURITY FAIRNESS ACT
Today, the Social Security Administration announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people whose benefits have been affected by the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
These provisions reduced or eliminated the Social Security benefits for over 3.2 million people who receive a pension based on work that was not covered by Social Security (a “non-covered pension”) because they did not pay Social Security taxes.
The Social Security Fairness Act ends WEP and GPO.
“Social Security’s aggressive schedule to start issuing retroactive payments in February and increase monthly benefit payments beginning in April supports President Trump’s priority to implement the Social Security Fairness Act as quickly as possible,” said Lee Dudek, Acting Commissioner of Social Security. “The agency’s original estimate of taking a year or more now will only apply to complex cases that cannot be processed by automation. The American people deserve to get their due benefits as quickly as possible.”
People who will benefit from the new law include some teachers, firefighters, and police officers in many states; federal employees covered by the Civil Service Retirement System; and people whose work had been covered by a foreign social security system.
Many beneficiaries will be due a retroactive payment because the WEP and GPO offset no longer apply as of January 2024. Most people will receive their one-time retroactive payment by the end of March, which will be deposited into their bank account on record with Social Security.
Many of these people will also receive higher monthly benefits, which will first be reflected in the benefit payment they receive in April. Depending on factors such as the type of Social Security benefit received and the amount of the person’s pension, the change in payment amount will vary from person to person.
Anyone whose monthly benefit is adjusted, or who will get a retroactive payment, will receive a mailed notice from Social Security explaining the benefit change or retroactive payment. Most people will receive their retroactive payment two to three weeks before they receive their notice in the mail, because the President understands how important it is to pay people what they are due right away.
Social Security is expediting payments using automation and will continue to handle many complex cases that must be done manually, on an individual case-by-case basis. Those complex cases will take additional time to update the beneficiary record and pay the correct benefits.
Social Security urges beneficiaries to wait until April to ask about the status of their retroactive payment, since these payments will process incrementally into March.
Since the new monthly payment amount will begin with the April payment, beneficiaries should wait until after receiving their April payment, before contacting Social Security with questions about their monthly benefit amount.
Visit the agency’s Social Security Fairness Act webpage to learn more and stay up to date on its progress. Visitors can subscribe to be alerted when the webpage is updated.
@ Newshounds News™
Source: SSA Blog
Social Security Fairness Act: Link
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DEMOCRAT LAWMAKER INTRODUCES BILL BANNING OFFICIALS FROM LAUNCHING MEME COINS AFTER TRUMP TOKEN
▪️The MEME Act would require Trump to return profits from his meme coin sales and enable investors to sue officials for losses related to endorsed cryptocurrencies.
▪️The bill faces significant challenges in the Republican-controlled Congress but serves as a symbolic stance against what Liccardo perceives as unethical behavior.
▪️Regulatory uncertainty persists as SEC official Hester Peirce claims most meme coins fall outside their jurisdiction, suggesting CFTC or lawmakers should establish clearer oversight frameworks.
Newly elected Democrat Sam Liccardo, representing Silicon Valley, is introducing legislation that would block government officials from launching cryptocurrencies such as meme coins.
He noted that the move was never part of his plan when he ran for office, but after the president launched a meme coin last month, he felt a response was needed.
US President Donald Trump released a meme coin, TRUMP, just days before assuming office. Not long after, his wife Melania launched hers, called MELANIA, on January 19. Both tokens rose quickly but collapsed just as fast. The introduction of these meme coins has led to criticism. Liccardo noted that even Trump’s crypto-supporting enthusiasts found the move unappealing.
Liccardo’s bill, called the Modern Emoluments and Malfeasance Enforcement (MEME) Act, seeks to prohibit the president, members of Congress, and other high-ranking officials—along with their families—from issuing or endorsing cryptocurrencies, stocks, or other financial securities.
According to the draft, the bill also requires Trump to return any money he made from selling his meme coin. Moreover, the bill would allow investors who lost money on a meme coin backed by a public official to sue to recover their losses.
Despite the bill’s strong stance, it faces an uphill battle in the Republican-controlled Congress. However, Liccardo sees it as a symbolic stand against corruption and a potential legislative tool for the future if Democrats regain power.
Regulatory Uncertainty Surrounds Meme Coins
One of the developers behind Trump’s meme coin, Hayden Davis, has a history of controversial crypto projects, including one linked to a corruption probe involving Argentina’s President Javier Milei.
Davis himself has described meme coins as a rigged game, calling the industry an unregulated casino that rewards a small group at the expense of retail investors.
Liccardo argues that existing laws fail to address the ethical and financial risks posed by politicians entering the crypto space. He said,
“That behavior is so self-evidently unethical that it raises the question why isn’t there a clear enough prohibition.”
He added that having a way to enforce the rules is important, and allowing people to sue helps ensure accountability. Aside from Liccardo’s bill, other proposals related to meme coins have also been introduced.
On February 20, US Democratic Senator Catherine Cortez Masto proposed an amendment to resolution S. Con. Res. 7, seeking to prevent federal employees and officials from launching, endorsing, or profiting from digital tokens connected to investments by the Chinese Communist Party.
Hester Peirce, head of the US Securities and Exchange Commission’s digital asset division, said most meme coins are beyond the SEC’s authority, noting that their regulation depends on the specifics of each coin. She suggested that lawmakers or agencies like the Commodity Futures Trading Commission (CFTC) should take responsibility for overseeing them.
@ Newshounds News™
Source: CoinSpeaker
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