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Sat Nov 21, 2020, 09:15 PM

Some Americans may get hundreds of dollars more in Social Security benefits under Biden's proposed

change

President-elect Joe Biden has plans to expand Social Security — and in some cases, the benefit retirees receive.

In the campaign proposal of what he’d do for older Americans as president, Biden said he would improve Social Security, take the program off the path of insolvency, provide a higher benefit for the oldest beneficiaries and eliminate penalties for teachers and public-sector workers who may face eligibility issues.

Biden also said he would implement a minimum benefit for Americans who worked for 30 years — at least 125% of the poverty level. “No one who has worked for decades and paid into Social Security should have to spend their retirement in poverty,” his campaign site said.

Whether this proposal would be passed, or how soon, is yet to be seen. Biden may have a hard time with passing legislation if the Republicans keep control of the Senate. Still, there’s a chance both Democrats and Republicans will agree on this particular provision, said Dean Baker, senior economist at the Center for Economic and Policy Research. “I would think there’s at least a possibility,” he said.

https://www.marketwatch.com/story/some-americans-may-get-hundreds-of-dollars-more-in-social-security-benefits-under-bidens-proposed-change-11605888741?siteid=yhoof2

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Reply Some Americans may get hundreds of dollars more in Social Security benefits under Biden's proposed (Original post)
Yo_Mama_Been_Loggin Saturday OP
Arne Saturday #1
joshcryer Saturday #8
moonscape Saturday #2
Grasswire2 Saturday #3
dflprincess Saturday #4
Grasswire2 Saturday #5
dflprincess Saturday #6
PoindexterOglethorpe Saturday #9
PoindexterOglethorpe Saturday #10
joshcryer Saturday #7
dflprincess Saturday #11
joshcryer Sunday #13
I_UndergroundPanther Sunday #12
Takket Sunday #14
JGladstone Sunday #15

Response to Yo_Mama_Been_Loggin (Original post)

Sat Nov 21, 2020, 09:19 PM

1. Hope every elderly voter in Georgia understands this.

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Response to Arne (Reply #1)

Sat Nov 21, 2020, 09:59 PM

8. +1, this needs to be spammed on ads.

Say it simple, and openly. We will raise benefits.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Nov 21, 2020, 09:20 PM

2. Considering the Repubs wet dream is to get rid

of Social Security, naw, I think there's less than 'at least a possibility' and would put the odds at 0.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Nov 21, 2020, 09:33 PM

3. How about providing work credits for stay-at-home care-givers???

When will that ever happen?

People must leave the work force to care for family members. Those years are un-rewarded as work in the eyes of SSA. Moms, Dads, others.

It is discriminatory.

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Response to Grasswire2 (Reply #3)

Sat Nov 21, 2020, 09:40 PM

4. That makes a lot of sense and should happen.

Another thread on this a couple days ago also said that widows and widowers would get an increase of 20%. Apparently those of us who have always been single will be left out.

That is also discriminatory.

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Response to dflprincess (Reply #4)

Sat Nov 21, 2020, 09:42 PM

5. what if your ex died? Does that make you a widow or widower? nt

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Response to Grasswire2 (Reply #5)

Sat Nov 21, 2020, 09:44 PM

6. Hard to say.

If you were married long enough (19 or 20 years I think) you can collect on their account if you want to. Interesting question.

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Response to dflprincess (Reply #6)

Sat Nov 21, 2020, 11:24 PM

9. You don't need to be married that long.

For a divorcee the time you need to have been married is ten years. Then divorced at least two years. And of full retirement age. For a widow or widower, I suspect the time is even shorter.

It's all somewhat complicated, and the book Get What's Yours: The Secrets to Maxing Out Your Social Security by Laurence Kotlikoff, Philip Moeller, and Paul Solman is an absolutely invaluable resource. Through it I learned I could start collecting against my ex's account once I turned 66 and delay taking my own SS benefit until I turned 70, which made a huge difference in what I could collect. I cannot recommend this book enough. Everyone within shouting distance of SS should read it.

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Response to Grasswire2 (Reply #5)

Sat Nov 21, 2020, 11:25 PM

10. Also, if your ex died, how old were they? How old were you?

It's all complicated, and the book Get What's Yours: The Secrets to Maxing Out Your Social Security by Laurence Kotlikoff, Philip Moeller, and Paul Solman is an absolutely invaluable resource. Get it, read it.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Nov 21, 2020, 09:58 PM

7. This is Chained CPI which Obama tried to pass.

And the left shit all the fuck over him for it.

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Response to joshcryer (Reply #7)

Sat Nov 21, 2020, 11:43 PM

11. Chained CPI would have resulted in Social Security going up at a slower rate than it does now.

https://www.washingtonpost.com/news/the-fix/wp/2013/04/10/the-ins-and-outs-of-chained-cpi-explained/


What difference does it make?

As our friends over at Wonkblog pointed out last year, Social Security benefits are currently calculated using CPI-W, or the Consumer Price Index for Urban Wage Earners and Clerical Workers. (Yes, that's a mouthful.) Over time, benefit levels tick up based on CPI-W, to keep up with the fact that a dollar twenty years ago is not worth what it is today.

Here's the bottom line: Using chained CPI instead of CPI-W means the rate at which those benefits tick up would be slower, because the former reflects substitutions consumers would make in response to rising prices of certain items.Therein lies the "chained" part of the name. The metric utilizes a basket of goods and services that are measured changes from month to month; much like a daisy chain. If the cost of a certain form of transportation goes up, for example, people might switch to another kind. This kind of "substitution" is part of what is factored into chained CPI.

Who likes chained CPI?

Republicans do. Even as GOP leaders slammed Obama's budget as a whole Wednesday, they found room to offer some praise for his approach to entitlements, which includes Social Security.

"The President seems prepared to finally concede this time that at least something needs to be done to save entitlements from their inevitable slide toward bankruptcy," said Senate Minority Leader Mitch McConnell (R-Ky.). House Speaker John Boehner (R-Ohio) said Obama "does deserve some credit for some incremental entitlement reforms that he has outlined in his budget."

Who doesn't?

Many Democratic lawmakers and groups that represent seniors. The AARP opposes it. House Minority Whip Steny Hoyer (D-Md.) was less hostile, though he told Politico Tuesday that House Democrats are not ready to back the idea. In the end, Democrats might come around, but for now, it's most definitely not something they are embracing en masse.

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Response to dflprincess (Reply #11)

Sun Nov 22, 2020, 12:50 AM

13. Correct. Obama's proposal was Chained CPI with increased minimum.

And that's exactly what Biden's plan is. I assure you nothing has changed. He's just going to rebrand it.

https://www.cbpp.org/sites/default/files/atoms/files/2-22-12bud.pdf

https://www.americanprogress.org/wp-content/uploads/issues/2010/12/pdf/social_security.pdf

And I assure you that the left will bemoan this because it "hurts" Social Security even though it is designed to strengthen it. Even though it will bring millions of seniors and disabled people out of poverty. Because, yeah, the boomer with the retirement getting $3k a month and a $401k getting $5k a month or something like that really is gonna hurt by these cuts.

As long as there is a baseline minimum SS can be saved, bolster people out of poverty, and pave the way for UBI (yes, that's the end game but we can't talk about it).

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Response to Yo_Mama_Been_Loggin (Original post)

Sun Nov 22, 2020, 12:48 AM

12. What about disabled people

On SSI. Does he know we need help too.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun Nov 22, 2020, 12:53 AM

14. They need to remember the disabled too

Disability benefits are horrid. A person relying only on those has no chance.

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Response to Yo_Mama_Been_Loggin (Original post)

Sun Nov 22, 2020, 10:19 AM

15. Kick for something that actually matters in people's lives

Economic policy has taken a seat at the back of the bus in deference to the 24/7 Trump circus and the use of Covid as a political prop.

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