Elizabeth Warren Wants to Boost Your Retirement Check

Brian Cahn/Zumapress

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Elizabeth Warren has a new plan for shoring up Social Security:

Senator Elizabeth Warren of Massachusetts unveiled a plan on Thursday to give all recipients of Social Security benefits an extra $200 per month and to pay for it by raising taxes on the rich, her latest economic proposal to redistribute wealth in the United States.

….The largest portion of her plan, raising benefits for 64 million recipients by $200 a month, would cost more than $150 billion in its first year. The plan would also fundamentally alter the funding structure of the program, forcing the very rich to pay much more into Social Security in taxes than they would get out of it in benefits, while most Americans would get far more than they pay in.

Hmmm. I like the general idea, but I don’t see much point in raising everyone’s benefits. The middle class and the affluent don’t really need an increase, after all. I’d prefer to add, say, $300 to the benefits of the bottom third and leave it at that. This would cost half as much and do more overall good.

Politically, of course, it would once again leave out the middle class from a Democratic proposal to expand the safety net. I suppose the politics of Warren’s proposal might outweigh the pure economics.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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