Posted on 09/25/2019 7:39:03 AM PDT by karpov
It’s a strange campaign season, loaded with fantastical promises of government handouts for health care, college and even a guaranteed national income. But Sen. Elizabeth Warren ’s Social Security plan takes the cake. With trillion-dollar federal budget deficits and Social Security heading for bankruptcy, Ms. Warren proposes to give every current and future Social Security recipient an additional $2,400 a year. She plans to finance her proposal, which would cost more than $150 billion annually, with a 14.8% tax on high-income individuals. If Franklin D. Roosevelt were alive, he’d surely wonder why anyone calling herself a Democrat would want to turn Social Security, his signature creation, into another unearned entitlement program.
Ms. Warren says she wants to lift senior citizens out of poverty, and her plan includes several provisions that would direct assistance toward low-income seniors. But the plan’s main component is its $2,400 permanent annual benefit increase. It’s hard to imagine a costlier and less efficient means of achieving her goal. Only 7% of 46 million senior citizens who receive Social Security live below the poverty line. So the majority of Ms. Warren’s proposed Social Security bonanza would go to middle- and upper-income seniors. About $51 billion would go to the 21 million seniors who are in the top half of the U.S. income distribution. Seniors with income in the top 20% would receive $17 billion; more than twice what would go to seniors in poverty.
I estimate that the $2,400 Social Security handout will lift above the poverty line only about 1.6 million seniors who are currently living below it. The plan would cost taxpayers about $70,000 for each senior citizen lifted out of poverty. Limiting assistance to impoverished elderly Social Security recipients [...] would cost taxpayers far less
(Excerpt) Read more at wsj.com ...
Hey Warren, how about we give you $20 to go see a movie and get lost??? Just go away....quietly if you can.
Why not increase the monthly payment to $2000 and be done with it?
They are going to buy as many votes as humanly possible.
Look for EVERYBODY to be promised loan forgiveness, benefit increases and other goodies.
Vote Santa Claus. Its hard to say no to freebies.
Only $2,400? Why not $24,000? Or More? At the next Donkey debate they could have an auction.
Another day, another looter.
DISMANTLE CFPB, squaw flailing arms.
https://www.usa.gov/federal-agencies/
They should return the SS to private funds and take it out of the general. It’s nothing more than a pile of IOUs at this point. I’ve got 3 more years and i’ll be retiring, but i’m not counting on SS to live on. Nobody should!
heard about her new book?
‘Fleecing colleges and funds by
posing as an Indian FOR DUMMIES’
- Pandering Gray Beaver
Hey, Gray Racid Beaver...how about you and your demonrats give back the $13 plus Trillion you all have stolen from Social Security first?
I remember when you could buy a vote in Chicago for a 5 cent cigar and a beer.
I believe there are laws against buying votes.
It just might work! It’s a numbers game. Not that many rich people and a whole lot of old people and college kids in deep debt.
“Why not increase the monthly payment to $2000 and be done with it?”
Because the system is going broke as it is due to liberal raids for other programs like healthcare. Raising it would just speed the insolubility of the system up.
She’s talking about pulling seniors out of poverty when only 7% of the US seniors actually are involved. If she wants to do some good, don’t fish for more money, make the money you have now worth more. This is why we were better off when the DOW was at 4000 and now it is at almost 27,000. But the cost of things has inflated to match the market. And a fixed income to determine poverty level with a fluctuating market is inconsistent. To make it consistent, they will have to raise the payments at each flex like a variable mortgage. And since you can’t bleed a turnip, where is the money going to come from? And at that point we are in wealth redistribution and the money gets tightened.
All our gains over the last year and a half will go down the toilet and the efforts of the GOP will be shot in the foot. And we will be just as broke, again, as we were under Obama and getting worse.
rwood
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