10 Ideas to Save the Economy

We need to expand Social Security to prevent the looming retirement crisis, and we can do it simply by asking billionaires to pay their fair share.

In the Big Picture, two-thirds of seniors derive over half of their income from Social Security, and one-third of seniors rely on it for at least 90% of their income. Without it, the poverty rate of our seniors would be 45%, instead of just 10%. Social Security was created in the wake of the Great Depression as a bulwark against economic insecurity, and it is now more important than ever. We must:

  • Increase Social Security benefits to more accurately reflect the modern cost of living and the lack of income of current retirees.
  • Scrap the cap and ask millionaires and billionaires to pay Social Security taxes on 100% of their income, just as their employees do.

 

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