Biden’s Parting Gift to Retirees Is Boosting the Economy
A record Social Security expansion is behind the resilience in incomes and spending.
A farewell gift.
Photographer: Chris Kleponis /AFP via Getty Images
In some ways, it’s still Joe Biden’s economy, and Donald Trump is just reaping the benefits. Well, Trump and hundreds of thousands of police, firefighters, teachers and other public sector retirees.
Over the past few months, personal income data have been flattered by what is, at least in some sense, the biggest short-run boost to Social Security coverage ever. The Social Security Fairness Act, signed into law on Jan. 5, repealed provisions that had limited or blocked benefits to around 3 million people, mostly retired public sector workers and their families, who were already receiving separate government pensions.