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- Sep 22, 2018
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Warren Proposes the Biggest Expansion of Social Security in 50 Years
Warren’s plan goes quite a bit further. It includes the cost-of-living adjustment, the minimum monthly benefit, and an across-the-board benefit hike. But that across-the-board jump comes to $200 a month immediately for every current and future recipient, along with several other changes focused on women, caregivers, people with disabilities, and people of color. The $2,400 a year extra for everyone is nearly double what the Larson/Sanders plan gives to its poorest beneficiaries.
An independent analysis from Mark Zandi of Moody’s estimates that the Warren Social Security plan would increase average benefits by almost 25 percent for the lower half of income earners. It would lift 4.9 million seniors out of poverty, slashing the senior poverty rate by over two-thirds. And once it kicks in, it would steadily and modestly grow the economy by putting more money in the hands of seniors who are likely to spend it. “The plan results in a much more progressive Social Security system,” Zandi writes.