Courtesy of Yahoo News:
Joe Biden’s plans for Social Security and Supplemental Security Income would lift 1.4 million Americans out of poverty in its first year, a new analysis found, along with guaranteeing the payout of full benefits for another five years.
The former vice president’s plan hinges on imposing the 6.2% Social Security tax on earnings above $400,000. Employees and their employers are taxed on earnings up to $137,000 under current guidelines.
If enacted next year, Social Security would collect 7% more in revenue in 2021, 12% more in 2040, and 16% more in 2065 than under current law, according to the analysis. That would allow Biden to move forward on a seven-pronged plan to increase benefits for Social Security and SSI recipients.
“Social Security faces a serious financial problem and the next president is going to have to deal with this,” said Richard John, senior fellow at the Program on Retirement Policy at the Urban Institute, a think tank, “It’s getting to the point now where they’re going to have to act sooner through tax increases or cuts to Social Security.”
Biden’s plan would also increase minimum Social Security benefits, replace the cost of living adjustment measures with one that would help meet the needs of those on SS more effectively and provide earning credits to those caring for small children and older adults.
This is what it looks like to elect somebody with an actual plan that does not favor the super-wealthy and leave everybody else struggling to survive.
The one thing you can accurately say about Joe Biden is that he is a man of great compassion who really cares about the citizens of this country.
He is by no means perfect, but Jesus Christ compared to Donald Trump he is almost saintlike.