Five million Americans could see a drastic cut in their Social Security benefits as a direct result of the COVID-19-induced economic downturn. Due to a quirk in the benefit formula, those born in 1960 are at risk of a permanent reduction in their benefits that could be as much as $2,000 per year.
Congress must step in to prevent this. As Chairman of the Ways and Means Social Security Subcommittee, I have introduced a legislative fix that I am urging my colleagues to take up right away.
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