Social Security Works Applauds Elizabeth Warren's Bold Plan to Expand Social Security

The following is a statement from Nancy Altman, President of Social Security Works, on Senator Elizabeth Warren's newly released plan to expand Social Security:

"Senator Elizabeth Warren (D-MA) is a powerful leader in the movement to expand Social Security. Her bold new plan tackles the nation's looming retirement income crisis head-on, as well as rising income and wealth inequality and the squeeze on working families. It is a solution for all generations.

Warren recognizes that Social Security's retirement, disability and survivor benefits are vital, but inadequately low. Her plan increases benefits significantly for both current and future beneficiaries. To ensure that benefits do not erode over time, she proposes a more accurate measure for calculating yearly cost-of-living adjustments.

She knows that caregivers -- disproportionately women -- who take time out of the workforce to care for loved ones provide invaluable work for their families and the nation. Her plan gives those family caregivers credit towards their future Social Security benefits, so that those who perform this essential work will have the secure retirements they have earned.

To ensure that no one retires into poverty after a lifetime of hard work, she updates and improves the special minimum benefit. In addition, knowing that widows disproportionately live in poverty, she improves their benefits.

Warren understands that parents help their children pay for higher education and, when those parents have died or become disabled, Social Security should step into that role. Until 1981, Social Security did. Warren restores this vital student benefit and extends it to age 24, because most students today do not complete their college degrees by age 22.

Warren appreciates the important contributions of state and local employees. She repeals the WEP/GPO provisions, which substantially reduce their Social Security benefits. She also fully funds the Social Security Administration (which Republicans have slashed over the last decade) so all of us can promptly and conveniently access our earned benefits. After all, those administrative costs do not add a penny to the deficit. America's working families have prepaid for them through our dedicated Social Security contributions.

Warren's bold plan expands Social Security and ensures that all benefits can be paid in full and on time. Her plan addresses rising income and wealth inequality by requiring the wealthiest two percent to contribute their fair share.

All Americans owe her a debt of gratitude for standing up for our Social Security system."