How much would a $200 per month raise actually cost for about 70 million beneficiaries of Social Security, including retirement, disability, SSDI, survivors, SSI, and VA benefits? Also, the other program already in existence sending out even more money than this on an ongoing monthly basis. I have all the details and everything you need to know right here in the topic, so let’s get right into it. All right. The infamous $200 per month raise is yet again back on the table after about two and a half years, thanks to Bernie Sanders, Elizabeth Warren, and a handful of other Democratic senators.
As a result of that. In this topic, I want to talk about how much it would actually cost to send out these ongoing $200 per month raises to about 70 million of those beneficiaries I just mentioned a few seconds ago. And then I also do want to talk about another program that was currently in existence sending out even more money than this on an ongoing monthly basis, yet again to tens of millions of people. So let’s get into it and talk about all these numbers. And I think you’re going to be a little bit shocked with what I’m going to share with you right here on this topic.
I am your one and only daily advocate, and I’m here for you each and every day to keep you updated with what is actually going on during this very busy time. And as we continue to see all of these new proposals, packages, new bills, reform, as well as anything else pertaining to money benefits, fixed income benefits like Social Security, retirement, SSDI, survivors, SSI, VA, RRB, seniors, older adults, people with disabilities, low income, low income, and virtually everybody else right now who needs extra money.
I’m here for you in any way that I possibly can be. And I’ll continue to be here for you right by your side every single day, as that is my commitment and I’m sticking to it. All right, thanks again. Let’s jump into it and talk about these big, big numbers, but at the same time, some pretty shocking numbers at the same time.
So let’s talk through all these details. There are a lot of moving parts here, but let’s talk through everything that I have for you. All right, so remember, about two and a half years ago, in early 2020, we had that great proposal coming out of Chuck Schumer, Elizabeth Warren, and Ron Wyden to raise benefits temporarily by $200 per month. It was a great proposal. Sounded great, but yet again, nothing ever came of it.
Well, up until about a month and a half or so ago, there was nothing. There was virtually no additional details. However, about a month before this official announcement came out, I did start to see a few headlines circling around that there could be something new coming out. Well, sure enough, about a month later, which happened to be about a month or month and a half ago, bernie Sanders, Elizabeth Warren, and again, some other Democratic senators came out and introduced the new version of the $200 per month raise, which is called the Social Security Expansion Act. So I want to talk to the details about this, because we see all this back and forth in Congress right now where they’re saying, oh, we’re going to have to raise taxes.
I don’t know if we’ll have the money. I don’t know if we can get this done. But here’s the thing. I want to share with you some details on this, because there’s actually another program that was previously in existence just a short time ago, and actually, there’s a new proposal out there right now for a new version of this other proposal, again, sending out tens of millions of checks every single month, billions and billions of dollars every single month. So for them to say that they don’t have the money or the resources to do this for seniors, older adults, and of course, people with disabilities is, I think, a little bit of a stretch.
So let me talk you through the details on this. All right, so as I said, there are about 70 million beneficiaries. Now, again, it could be 71, it could be 75 million. We’re just going to use 70 million as kind of a round number to run these calculations. Again, based on all these benefits that have been mentioning throughout this topic.
Again, about 70 million. That’s the number we’re going to run with. So if we were to implement a $200 per month raise for all of these beneficiaries, again, 70 million times $200 per month would be $14 billion a month. That would be going out in addition to your regular monthly benefit, $14 billion a month. Okay, remember that number because it’s a key number that we need to remember.
So it’s going to cost about $14 billion. Again, give or take a few $100 million. It could be 14 billion, it could be 15. But roughly about $14 billion is what it would cost, however. Now let’s talk about what this would cost on an annualized basis.
If we take 14 billion a month, times twelve months would be $168,000,000,000 throughout the course of the entire year. Again, sounds like a lot of money. But at the end of the day, do they spend $168,000,000,000 on other things? Yeah, you better believe they do. Over the course of a year, $168,000,000,000 is nothing.
Considering we’re spending like, what three or $4 trillion a year in this country on all kinds of stuff. Yeah, $168,000,000,000 is nothing compared to the trillions of dollars that we spend in this country. So keep these numbers in mind. Now, again, one more thing I want to throw out there as well. This new proposal out of Bernie Sanders, Elizabeth Warren and the other Democratic senators.
Again, the Social Security Expansion Act would be implementing this race permanently rather than the proposal that came out back in early 2020. That one was just a temporary raise. Remember that? It was going to go through the end of 2021. So it would have been about a year and a half by the time they would have gotten it implemented.
So, again, that was a temporary one. This is a more permanent raise. So well, let me take that back. Not technically permanent. It would go out until 2096.
So another what is that, 74 years. So I guess pretty much permanent, right? We could pretty much call permanent at this point. So anyway, virtually out until the end of the century is what would happen. All right.
Now let’s quickly talk about another program and see why, when they say, oh, we don’t have the money for this, I don’t know where the money is going to come from on this. Yeah, right. Let’s talk through the details, because this program was already in existence, and they’re already working on the second iteration of this plan. Remember last year? Now, stick with me for a second here, because I’m going to use this as an example, and I know that some of you here in the community did not get these checks.
But here, just stick with me on this because this is going to give a great example of what actually happened. This is a real thing. This is not a proposal. This actually happened. And I think you’re going to remember exactly what I’m talking about here.
As I mentioned it last year, the second half of 2021, 36 to 38 million households, across about 66 million kids, got ongoing monthly checks called the Child Tax Credit Payments. Remember this? Yes, this was a real thing. It actually did happen. So let me tell you the numbers behind this, because this is a little bit shocking.
The average household was getting $422 a month because of these payments. That was the average payment across the households. Now, some got more, some got less, but that was the average payment throughout the course of this entire program, right? It went on for the second half of 2021, and it encompassed, like I said, about 36 to 38 million households, which also encompassed about 66 million kids. Now get this.
Guess how much this was sending out on an ongoing monthly basis? Over $16 billion. If we analyze this, it’s about $200 billion throughout the course of the year. Remember what I just said a second ago? How much would we need on a monthly basis and an ongoing annualized basis to send out an extra $200 per month for about 70 million.
Fixed income? Beneficiaries yup, the number was $168,000,000,000. And here we have this other program. And again, don’t get me wrong. I’m not saying that we shouldn’t send money out to families and kids and stuff like this.
I’m just saying let’s level the playing field here. Let’s be real with ourselves right now. If we’re going to be sending money out to one group of people, why not send it out to another group of people who also happens to be vulnerable and at risk? Fixed and income beneficiaries right. Are we on the same page here?
So I’m not saying that we shouldn’t send money out to kids and families. By all means, do it. But at the same time, what about the seniors? What about older adults? What about people with disabilities?
What about fixed income? Beneficiaries let’s be fair, right? Let’s at least be fair here. So anyway, here’s the numbers behind all this. Again, for the child tax credit payments that were going out in the second half of last year, it was sending out over $16 billion a month, or $200 billion throughout the course of the year.
So this program that already did happen, a real thing, not a proposal, not a fantasy, not some smoke in the air. This was a real program that actually happened and sent out ongoing checks. So this program actually sent out an extra $32 billion throughout the course of the year that would actually be required for Social Security. Beneficiaries can you kind of see where I’m going here with this? Yeah, it’s unbelievable for the lawmakers to come out and say they don’t have the money for this.
Really? Then where did all the money for this other program come from? Where did the $200 billion come from? From last year. You kind of see what I’m saying here.
So anyway, here’s what else is interesting. We now have another proposal on the table right now to reinstate those child tax credit payments, and they would actually be a higher dollar amount, $350 a month, versus the $300 cap last year for the younger kids, right? So we could see this $200 billion a year going up to maybe 222, 15, maybe 225. I’ll be real with you. I don’t know the proportion of the recipients on that who would be getting the higher benefit versus the lower one.
So I don’t know what the real number would actually be on that, just because I have no clue how many people are within the lower category of getting a $350 check versus the $250 checks.
So I’m just saying the number would increase, right. So again, now they’re willing to come out and start spending another $200 billion to ten, to 15, to 20, maybe 225, whatever it happens to shake out to be. But again, this is another proposal on the table. So the moral of the story is, you can see here for this one proposal, that Bernie Sanders and Elizabeth Warren, and the other Democratic senators have come out to introduce the Social Security Expansion Act. Again, the $200 per month raise would only cost about $14 billion a month or $168,000,000,000 throughout the course of the year.
And again, give or take probably a couple of billion dollars because the number of recipients is not exactly 70,070,000,000. But again, I’m using 70 million because it’s kind of a nice round number and it’s about that many recipients would be getting these payments. Now, again, when it comes out to the child tax credit payments, again, we’re looking at say, 36 to 38 million households getting $422 or even more with this new proposal ongoing, again, costing about 16 to 16 and a half billion dollars per month and about $200 billion or more throughout the course of the year. So anyway, kind of see my point here. So I want to leave a solo for you because we can clearly see here what lawmakers are currently doing.
They passed one bill, no problem at all, they got it through. And now the problem with this other one is they kind of act like we don’t know we’re going to come up with the money. Well, where did you get the other 200 billion? You know what I mean? Where do they get all the other money that they spend?
Well, right, we know where they get it from. It’s tax revenues. And of course they also run deficits and of course, they print up a bunch of money too. So anyway, kind of interesting point that I wanted to share with you right here on the topic. So for the lawmakers coming out saying that we can’t do the $200 per month raise, I’m going to call a big bluff on that one and say, yeah, right, you know exactly where the money can come from and they absolutely can do it 100%.
And we’ve demonstrated this year in other programs. So anyway, I thought it was super interesting. I like running numbers on things like this to kind of see what is the reality behind these numbers. Well, the numbers don’t lie. Again, I rounded some of the numbers just for easy mathematical purposes.
But again, it gives us a ballpark and it gives us an idea of what we’re currently dealing with right now. Kind of get my point. So anyway, hope this one gives you a little bit more clarity on what is actually going on. Of course, as I do get more details on the Social Security Expansion Act or any other details about raising benefits, increasing benefits, reforming the programs, or anything else as far as money, benefits, stimulus checks, programs, anything else that we can take advantage of, of course, I’ll be right here for you, breaking it all down, helping you out in any way that I possibly can. So again, thanks so much for joining me.
Share this topic with your friends, family, and social media. Let’s open the eyes of other people out there to see the real numbers behind these programs and to show lawmakers. We see your bluff. Let’s just we’re going to call you out on it right here, right now. So let’s just start moving forward here and helping out as what they’ve called the most highest risk and most vulnerable individuals in our society.
Older adults, seniors, people with disabilities, and of course, fixed income beneficiaries. They’ve said it themselves, these groups are the most vulnerable and highest risk. Well, if that’s the case, then why aren’t we looking out for these people, right? Again, just saying. All right, Stay safe out there and I’ll catch you guys later on the next topic.