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View Diary: Senate Democrats ready to push Social Security expansion (110 comments)

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  •  When you have the time (12+ / 0-)

    maybe read the links? If you had,you'd know that 75 percent of Americans say we should consider increasing Social Security benefits. And then there is this,bolding mine:

    Black’s proposal was attuned, however, to a mounting pile of research and demographic data that describes a gathering disaster. The famously large baby boom generation is heading into retirement. Thanks to decades of stagnant wages and the asset collapse of the Great Recession, more than half of American working-class households are at risk of being unable to sustain their standard of living past retirement. To put it even more starkly, according to research by the economists Joelle Saad-Lessler and Teresa Ghilarducci, 49 percent of middle-class workers are on track to be “poor or near poor” after they retire.

    There is very little safety net left to break this fall. The labor market for older workers is bleak. Private pensions are largely a thing of the past. Private savings are so far gone that some 25 percent of households with 401(k) and other retirement plans have raided them early to cover expenses, and a growing number of Americans over age 50 find themselves accumulating, not settling, debt. On the whole, 401(k)s have proved a “disaster,” as Black puts it, one that has enriched the financial sector but lashed the country’s retirement security to a volatile stock market—and left 75 percent of Americans nearing retirement age in 2010 with less than $30,000 in their accounts.

    What’s left? Social Security. Though it was never meant to be a national retirement system all by itself, that’s increasingly what it has become. For Americans over age 65 in the bottom half of the income distribution, Social Security makes up at least 80 percent of retirement income.

    As more seniors slip below the poverty line,partly because the stagnant wages of the past 30 years means their SS benefit is too low to keep them above it, we need to expand the damn benefit. Common Sense. Good on Atrios for using his forum to point it out.

    "George RR Martin is not your bitch" ~~ Neil Gaiman

    by tardis10 on Tue Jun 10, 2014 at 10:14:40 AM PDT

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    •  unfortunately this proposal is too small (2+ / 0-)
      Recommended by:
      tardis10, mcstowy

      raising the income cap will have an exponentially larger impact comparatively.

      .................expect us......................... FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

      by Roger Fox on Tue Jun 10, 2014 at 10:20:00 AM PDT

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    •  Of course 401Ks have been a disaster (1+ / 0-)
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      The Boomers have been stolen from for decades now, starting in the Reagan years, when the older right wingers managed to gain control over the government so much, and systematically started taking from the children of their less wealthy peers who had managed to do quite well with the more liberal policies, the Boomer generation that was so large and capable.  

      Women create the entire labor force.
      Sympathy is the strongest instinct in human nature. - Charles Darwin

      by splashy on Tue Jun 10, 2014 at 06:16:26 PM PDT

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