A New Income Program Will Now Hand Out Big Money

A new income program will now hand out big money to struggling families living below the poverty line, sources confirm.

The program aims to distribute monthly $500 checks for a year to 140 families in Evanston, Illinois, reports the local news outlet Evanston RoundTable.

Applicants must have children 5 years old or younger and incomes at or below 1.84 times the federal poverty line – which is currently $31,200, as per healthcare.gov.

The $840,000 program focuses on the tract of 8902, an area whose residents have dealt with rising inequality and lack of affordability for at least several years.

Kristin Meyer, a management analyst for Evanston’s Health and Human Services Department says, “Economic investment and helping families get the resources they need helps people pay for childcare costs, pay for the rising costs of their homes, and helps them stay in our community.

And by investing in our youngest children, we are investing in the future of Evanston and the future adult population of 8092.”

Evanston RoundTable reports that other tracts of the city were skeptical as to why the program excluded them, solely focusing on the 8092 district.

Meyer reportedly responded saying that 8092 had a specific history of redlining and other discriminatory policies that put it at a unique disadvantage to other parts of Evanston.

Similar guaranteed basic income pilot programs have been kicking off in nearly every US state, accelerating in the last year, reports The Daily Hodl.

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Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A New Income Program Will Now Hand Out Big Money.
Market News Today – A New Income Program Will Now Hand Out Big Money.

Raising the age for social security will mean massive impact for the growing demographic of those who rely on assistance.

House Republicans unveiled a plan last week that calls for raising the Social Security retirement age, reports CNBC.

“Both Social Security and Medicare face looming insolvency dates, while the number of senior [citizens] who rely on those programs is projected to grow.”

Republicans’ budget proposal calls for “modest adjustments” to the retirement age to reflect longer life expectancies, though it did not specify how high the age could go up.

Social Security’s full retirement age — when beneficiaries may receive 100% of the benefits they’ve earned — is currently 67 for people born in 1960 or later.

The plan also calls for reducing full retirement age benefits for high-income earners, while also limiting and phasing out “auxiliary benefits” for those beneficiaries’ spouses and dependents.

The budget did not specify the income thresholds to which those changes would apply.

“There is a lot of willingness and openness on the Republican side of the aisle to reduce Social Security benefits for high earners,” said Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center.

The Republican Study Committee budget calls for “Making Social Security Solvent Again.”

The reforms would be gradually phased in and “affect no senior in or near retirement,” according to the plan.

Ultimately, the goal for the changes is to make Social Security’s retirement trust fund “sustainably solvent.”

The Republican budget proposal would restructure Medicare so beneficiaries receive premium support subsidies, which they may use to pay for either through federal traditional Medicare or private Medicare Advantage plans.

The amount of the subsidies would be based on a benchmark that would be chosen after testing several options, according to the plan.

To help shore up Social Security’s shortfall, Biden’s budget calls for the “highest-income Americans to pay their fair share.”

“Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes,” Biden said during his State of the Union address earlier this month.

The president’s budget proposal also calls for improving Social Security and Supplemental Security Income benefits for retirees and individuals with disabilities who “face the greatest challenges making ends meet.”

Biden’s budget also aims to shore up Medicare in keeping with changes he has previously proposed.

That includes raising the Medicare tax rate on both earned and unearned income from 3.8% to 5% for those earning more than $400,000.

Do you think raising the age for social security benefits is wise?

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Also Read: New Social Security Benefit Will Now Save Beneficiaries Money

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Market News Today - A New Income Program Will Now Hand Out Big Money.
Market News Today – A New Income Program Will Now Hand Out Big Money.

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