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Elizabeth Warren is staking out new, progressive territory with an expansive Social Security plan, moving further to the left in the 2020 field.
The Massachusetts senator pledged to increase current and future Social Security benefits by $200 a month and change rules to expand access to the program for a range of vulnerable groups, including low-income families, widows and caretakers.
The article goes on to state the following:
To pay for the expansion, Warren’s proposal would increase payroll taxes and establish new investment taxes on the highest-earning Americans.
Warren’s proposal also goes several steps beyond her top-polling rivals, former Vice President Joe Biden and Sen. Bernie Sanders, on their own Social Security plans. Warren’s progressive push on a program that’s popular, particularly among older voters, is a clear play for drawing distinctions for herself, while also appealing to a key Democratic primary voter bloc.
“This is about challenging Biden and making a play for the senior vote,” said one person outside the Warren campaign, but with direct knowledge of the Social Security proposal.
Despite increasing benefits, Warren’s proposal would keep the program solvent through 2054, according to an analysis by Moody’s Analytics’ Mark Zandi. Under its current status, Social Security is expected to run out of funds in 2035, according to the Social Security Trustees report released in 2019, a timetable that could force benefits to be reduced.
“Unless we act now, future retirees are going to be in even worse shape than the current ones,” Warren wrote in a Medium post, released Thursday morning. “We need to get our priorities straight. We should be increasing Social Security benefits and asking the richest Americans to contribute their fair share to the program.”
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