President Obama’s statement last week that he supports expanding Social Security was indeed a watershed in the discussion of the program’s future. What happens next is not clear, however, not least because “expand” can mean so many things to people of different political persuasions.
We should be strengthening Social Security,” the president declared during an economic speech in Elkhart Indiana. “Not only do we need to strengthen it, it is time we finally made Social Security more generous and increase the benefits so that today’s retirees and future generations get the dignified retirement that they have earned.” Expansion, he said, should be financed by “asking the wealthiest Americans to contribute a little bit more.”
The location was important: Elkhart was the first city Obama visited after assuming the presidency, in the midst of the worst economic downturn since the Depression. Last week’s speech itself was meant to highlight the progress the economy has made since then. In staking out his new position on Social Security, “Obama is getting on board a movement that’s been brewing within the Democratic party for a while now,” write Nancy Altman and Eric Kingson, co-directors of the advocacy group Social Security Works, noting that a host of prominent figures including this year’s presidential candidates Bernie Sanders and Martin O’Malley and even Hillary Clinton (somewhat guardedly) have endorsed the idea and that Sanders and Elizabeth Warren, among others, have proposed action in Congress to expand benefits and pay for them by extending payroll tax to cover higher incomes. Continue reading →