Posts tagged Social Security
Posts tagged Social Security
Vice President Joe Biden recently said that, “I guarantee you, flat guarantee you, there will be no changes in Social Security.” Sign this and send a message to the President and the Democrats that you support these types of policies!
WASHINGTON (AP) — Democrats are eagerly renewing their fight against privatizing Social Security now that Republican presidential candidate Mitt Romney has picked Paul Ryan as his running mate. It was a fight that didn’t go well for the GOP when President George W. Bush pushed the idea in 2005.
In his 2010 “Road Map for America’s Future,” the Wisconsin congressman proposed a plan to allow younger workers to divert more than one-third of their Social Security taxes into personal accounts that they would own and could will to their heirs.
Ryan wrote that the accounts would provide workers an opportunity “to build a significant nest egg for retirement that far exceeds what the current program can provide.” Workers 55 and older would stay in the current system.
Romney hasn’t embraced the proposal and Ryan, chairman of the House Budget Committee, didn’t include it in either of the federal budgets passed by House Republicans the past two years. But now that Ryan is running for vice president, Democrats hope to capitalize on the issue.
Bush’s proposal for private accounts received a chilly reception from members in both parties in Congress, though Ryan embraced it. Democrats used the issue against GOP congressional candidates in the 2006 election, when they regained control of the House and Senate.
“The very last thing we ought to be doing is putting at risk the retirement security of millions of America’s seniors,” said Rep. Debbie Wasserman Schultz of Florida, who heads the Democratic National Committee.
Until now, Social Security had been largely absent from the presidential campaign. President Barack Obama has yet to lay out a detailed plan for addressing the issue, and his silence is drawing criticism from advocates who supported him in the past. Romney has been more forthcoming with proposals, but Social Security has not been a big part of his campaign, either.
Romney, in his book, “No Apology,” said he liked the idea of personal accounts. But, he wrote, “Given the volatility of investment values that we have just experienced, I would prefer that individual accounts were added to Social Security, not diverted from it, and that they were voluntary.”
Romney’s current plan for Social Security doesn’t mention personal accounts. Instead, he proposes a gradual increase in the retirement age to account for growing life expectancy. For future generations, Romney would slow the growth of benefits “for those with higher incomes.”
“Mitt Romney and Paul support gradual reforms to Social Security that protect current beneficiaries from any benefit disruptions while strengthening the program to ensure that it doesn’t go bankrupt,” Romney campaign spokesman Ryan Williams said.
The trustees who oversee Social Security say the trust funds that support the program will run dry in 2033. At that point, Social Security will generate only enough tax revenue to pay about 75 percent of benefits, triggering automatic cuts unless Congress acts.
During the 2008 campaign, Obama said he wanted to improve Social Security’s finances by applying the payroll tax to annual wages above $250,000. It is now limited to wages below $110,100, a level that increases with inflation.
Obama also pledged to oppose raising the retirement age or reducing annual cost-of-living adjustments, or COLAs. “Let me be clear, I will not do either,” Obama said at the time.
Last year, however, Obama put on the table a proposal to reduce annual COLAs during deficit-reduction talks with House Speaker John Boehner, R-Ohio. The talks ultimately failed and nothing came of the proposal, but it raised questions about whether Obama would honor his 2008 pledge.
h/t: Yahoo! News
A nice reminder that both Romney AND Ryan supported privatizing Social Security in the not-so-distant past.
Since 1935, Social Security has protected the elderly from income loss after retirement, and the results are pretty stark.
What a Romney-Ryan presidency would look like.
It is one of the most, if not the most, popular federal government-run programs. It is social insurance, not welfare. It provides Americans with a reliable source of income when: a senior retires from work, a child loses a working parent or if a worker becomes disabled.
Social insurance, not welfare: too often overlooked.
Like or Reblog if you’re friends with someone who should open their eyes.
He should really finish that last sentence by saying, “Oh, he’s screwed by the politicians running for office like me who refuse to stand up for his benefits.”
But I understand that would have been a little wordy.
This article (published on Fox, surprisingly), gives a pragmatic look at what we can learn from the Wisconsin election that isn’t just about the death knell for unions. Rather Sally Kohn looks at the lessons that have continued to plague Democrats and progressives in all types of elections.
1. Centrist candidates don’t motivate liberal voters.
Tom Barrett was a troublesome candidate from the get-go. Apart from the fact that he had already lost to Scott Walker in their first match up, Barrett earned the ire labor unions for trying to takeover the Milwaukee public school system and supporting charter schools. Unlike conservatives, who have seen a bump in voter energy and thus, victory, in recent years by running candidates whose positions and values match the conservative base, Democrats keep promoting folks who can only be described Clinton Democrat after Clinton Democrat and then wondering why liberal voters stay home.
To make matters worse, if these candidates do win, they support gutting Social Security and cutting taxes on billionaires, undermining the progressive Democratic agenda that has made the party (and America) strong for the last 70 years.