In a town consumed by how quickly and how deeply to cut Social Security, a handful of Democratic senators have a different idea: expand it.Their pitch is to grow Social Security benefits by attaching it to a new formula, known as CPI-E (Consumer Price Index for the Elderly), which is based on the theory that seniors face higher-than-average price increases, such as on health care and housing. It would be paid for by phasing out the cap on wages subject to the payroll tax, which is currently $113,700. Supporters say this would raise Social Security compensation for all beneficiaries by $70 per month.Legislation to this effect was introduced earlier this spring by Sen. Tom Harkin (D-IA), the chairman of the Senate Health, Education, Labor & Pensions Committee. The Strengthening Social Security Act of 2013 has since been co-sponsored by Sens. Brian Schatz (D-HI), Mark Begich (D-AK) and Sherrod Brown (D-OH), who added his name this week.Progressive activists are touting the bill, eager to shift the terms of the debate from how much to cut retirement benefits to ways to increase them. The AFL-CIO, the nation's largest labor union, wants to expand Social Security. Liberal activist groups including MoveOn.org and the Progressive Change Campaign Committee have made it their new rallying cry.
Tuesday, November 5, 2013
Dem Senators: We're Doing It Wrong, Let's Expand Social Security // Talking Points Memo
I'm all for it. We've been subjected to the decline of pensions, stagnant wages, unaffordable health insurance. In a word we have been doing it all wrong. Here's a better idea. - GWC Dem Senators: We're Doing It Wrong, Let's Expand Social Security: by Sahil Kapur// Talking Points Memo
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