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Delusional Social Security Plan
Social Security has a long-term funding gap that keeps growing. Neither political party has a plan to pay for the promises already made to people contributing to the system. But Democrats are bringing a new idea to the table: make even more promises. Almost all Senate Democrats have lined up behind a proposal by Elizabeth Warren of Massachusetts and Joe Manchin of West Virginia to expand benefits for current retirees. Liberals are exulting that Warren has shifted the politics of Social Security to the left: Where once Congress was debating cutbacks to the program, now it’s debating benefit increases….It would be better, as Biggs proposes, to shift gradually to a new system that separates the two functions of Social Security. People joining the workforce now should be promised a flat universal retirement benefit set at a level that keeps all seniors out of poverty. Read more…