Elizabeth Warren is introducing a bill she says will help senior citizens who rely on Social Security to make ends meet. The fact that Social Security benefits are not rising means that Social Security recipients whose Medicare premiums are deducted from their Social Security checks will not see an increase in their Part B premium, which has held steady at $104.90 since 2013.
It occurs to me that since Congress has been “borrowing” from the Social Security fund for years to fund shortfalls in other areas, with thoughts of repayment, if they would simply repay these “loans”, Social Security would again be solvent.
Sanders has made expanding Social Security one of the signature issues of his presidential campaign, and has repeatedly called for taxing the wealthy to pay for an expansion of benefits. Warren points to a study showing that pay for CEOs at the 350 largest companies increased by 3.9 percent in 2015. Now, with this reactionary, corrupt Congress instructed by Wall Street and the Koch brothers, we are losing income that we have worked 20, 30, 40 or more years for.
The cost of the bill would be offset by ending a tax “loophole ” that allows businesses to write off performance-based executive compensation.
Under the Warren-Sanders bill, the rest of the revenue raised by killing that corporate tax break would go toward shoring up the Social Security and Disability trust funds, which got a much-needed cash infusion as part of the most recent budget agreement.
Warren and other Democrats have proposed changing the way the government measures inflation for Social Security and other programs.