The Depression-era law was reportedly outdated and inappropriate for today's thriving economy, in which employers are having difficulty-finding workers due to the tight labor market. Its original purpose seems to have to preserve jobs for younger workers, which is no longer necessary. The unanimous House vote means the legislation will most likely be passed by the Senate and signed into law. Supporters of the bill say it will expand the U.S. labor pool by nearly five percent, and it will also encourage Americans to remain in the work force instead of retiring.
Under the existing law workers between 65-69 years old would lose $1 in benefits for every $3 they earned above $17,000. Workers 70 and older had no such restrictions under the current law.
House of Representatives voted this week to remove the limit on the amount of money retirees could earn without forfeiting their Social Security retirement benefits. The vote was a rarity, an overwhelming, 422 to 0.