In a town consumed by how quickly and how deeply to cut Social Security, a handful of Democratic senators have a different idea: expand it.
Their pitch is to grow Social Security benefits by attaching it to a new formula, known as CPI-E (Consumer Price Index for the Elderly), which is based on the theory that seniors face higher-than-average price increases, such as on health care and housing. It would be paid for by phasing out the cap on wages subject to the payroll tax, which is currently $113,700. Supporters say this would raise Social Security compensation for all beneficiaries by $70 per month.
Legislation to this effect was introduced earlier this spring by Sen. Tom Harkin (D-IA), the chairman of the Senate Health, Education, Labor & Pensions Committee. The Strengthening Social Security Act of 2013 has since been co-sponsored by Sens. Brian Schatz (D-HI), Mark Begich (D-AK) and Sherrod Brown (D-OH), who added his name this week...
Tuesday, November 05, 2013
Dem Senators: We're Doing It Wrong, Let's Expand Social Security: