Bernie issues new challenge to Hillary in Washington Square speech
I am listening to Bernie's speech in Washington Square which is still in progress. During this speech he issued a direct challenge to Hillary Clinton. He talked about the Social Security bill he has before Congress. Based on the current numbers, the Social Security Trust Fund has a surplus and Social Security as currently configured has a 19 year life.
Bernie has legislation in Congress that would increase benefits for the lowest income people on Social Security (under $16,000/yr) by about $1300 per year. It would also adjust the COLA to a formula that is based on the actual cost of living for seniors, unlike the general CPI which understates the impact of inflation in prescription drugs and healthcare. Bernie's legislation is also proposing that the cap on wages subject to Social Security taxes be lifted. If I understand what he said, the current cap which stops at $80,000 of annual income would stay in place for incomes from $80,000 to $250,000. For incomes above $250,000, Social Security taxes would resume and be on all wage income above that amount with no limit. This plan would not only allow Social Security benefits to increase for the lowest income people, but it would extend the life of Social Security from 19 to 58 years.
Bernie says Hillary has been very vague on Social Security. He challenged her to say yes or no as to whether or not she supports lifting the cap on income subject to Social Security tax.
One other thing that Bernie added to his speech today which I have been hoping he would mention in New York. After talking about the minimum wage increases to $15 that have taken place, including in New York, he talked about the New York increase didn't happen because the governor (Cuomo) woke up one day and decided that it should happen. He said it happens when the working people make the politicians an offer they can't refuse. And he said he thought it was ironic that the governor invited Hillary Clinton to the $15 minimum wage ceremony the other day when she thinks the minimum wage should be only $12 an hour.
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