FILE PHOTO – Democratic 2020 U.S. presidential candidate and U.S. Senator Elizabeth Warren (D-MA) takes the stage on the New Hampshire Democratic Occasion state conference in Manchester, New Hampshire, U.S. September 7, 2019. REUTERS/Gretchen Ertl
WASHINGTON (Reuters) – U.S. Senator Elizabeth Warren stated on Thursday that if elected to the White Home, she would develop Social Safety, the retirement program administered by the federal authorities, by growing advantages by $200 a month for each present and future beneficiary.
The Massachusetts senator, one among 20 Democrats vying to tackle Republican President Donald Trump in November 2020, stated she would pay for the Social Safety enlargement by “asking the highest 2% of households to contribute their justifiable share.”
“A era of stagnant wages and rising prices for fundamentals like housing, well being care, training, and baby care have squeezed household budgets,” Warren wrote in a submit on the web site Medium.
“Hundreds of thousands of households have needed to sacrifice saving for retirement simply to make ends meet,” she added, noting that about half of senior residents who’re married and 70% of those that aren’t depend on Social Safety advantages for a minimum of half their retirement revenue, and greater than 20% of married senior residents and 45% of those that aren’t depend on this system for 90% or extra of their retirement revenue.
The Social Safety program is run by the U.S. authorities and distributes advantages based mostly on a portion of wages a person earns over their working years as soon as they retire or go away the workforce attributable to a incapacity.
Warren stated that stagnant wages have contributed to Social Safety advantages which are too low to cowl retirees’ residing bills. In 2019, the common Social Safety profit was $1,354 a month, or $16,248 a 12 months, roughly equal to the extent of revenue that may put a family of two on the government-determined poverty line.
Warren’s Social Safety proposal is the newest in a voluminous stack of coverage plans she has churned out on subjects equivalent to rural financial improvement, combating substance abuse and addressing local weather change since formally launching her presidential marketing campaign in February. “I’ve a plan for that,” has change into a marketing campaign catchphrase.
Warren will take part within the third Democratic presidential debate on Thursday evening in Houston together with 9 of her rivals. It will likely be the primary time she shares a stage with former Vice President Joe Biden, the front-runner, as she positive factors on him in lots of opinion polls.
A Reuters/Ipsos on-line ballot taken Sept. 9-10 discovered that 11% of Democrats and independents stated they’d vote for Warren of their state’s nominating contests, up three share factors from an analogous ballot that ran Aug. 1-5. Twenty-two p.c stated they backed Biden.
Reporting by Amanda Becker; modifying by Jonathan Oatis