Growing Movement: Expand Social Security or 'Pay a Price'

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http://www.commondreams.org/headline/2013/11/20-6

Sen. Warren: 'Social Security is incredibly effective, it is incredibly popular, and the calls for strengthening it are growing louder every day.'



With Social Security cuts once again on the table in closed-door congressional budget negotiations, a growing movement has taken the offensive, demanding that lawmakers strengthen, rather than stranglehold, our social safety net.

A new survey by Public Policy Polling and MoveOn.org published Tuesday found that voters in 10 key swing districts "overwhelmingly" support raising Social Security benefits.

According to the findings, over 70 percent of those polled in each of nine areas said they oppose cuts to Social Security benefits, and an average 65 percent of those polled support an increase to the benefits. Further, almost 70 percent said they would be less likely to support a candidate who supported any cuts.

"Our results confirm that on Social Security, many congressional proposals and much media punditry have been far from aligned with the voting public," said PPP analyst Jim Williams.


Elizabeth Warren On Social Security: “It’s Values, Not Math”

http://www.commondreams.org/view/2013/11/19-2

A generation ago, middle-class families were able to put away enough money during their working years to make it through their later years with dignity. On average, they saved about 11% of their take home pay while working. Many paid off their homes, got rid of all their debts, and retired with strong pensions from their employers. And where pensions, savings, and investments fell short, they could rely on Social Security to make up the difference.

That was the story a generation ago, but since that time, the retirement landscape has shifted dramatically against our families.

Among working families on the verge of retirement, about a third have no retirement savings of any kind, and another third have total savings that are less than their annual income.i Many seniors have seen their housing wealth shrink as well. According to AARP, in 2012, one out of every seven older homeowners was paying down a mortgage that was higher than the value of their house.

And just as they need to rely more than ever on pensions, employers are withdrawing from their traditional role in helping provide a secure retirement. Two decades ago, more than a third of all private sector workers – 35% – had traditional, defined benefit pensions – pensions that guaranteed a certain monthly payment that retirees knew they could depend on. Today, that number has been cut in half — only 18% of private sector workers have defined benefit pensions. Employers have replaced guaranteed retirement income with savings plans, like 401(k) plans, that leave the retiree at the mercy of a market that rises and falls, and, sometimes, at the mercy of dangerous investment products. These plans often fall short of what retirees need, and nearly half of all American workers don’t even have access to those limited plans. This leaves more than 44 million workers without any retirement assistance from their employer.v

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1. Social Security is the only thing that keeps a lot of seniors from poverty.

Unfortunately, for many, it's still not enough.