Moody's analyst: Warren's SS plan would reduce senior poverty rate by 68%

[BeyondGeography]

Ahead of the release, the Warren campaign also solicited what officials described as an independent analysis of the plan by Mark Zandi of Moody’s Analytics, who estimated that the plan would cut the senior poverty rate by 68% and work over a period of 10 years to reduce the nation’s deficit by $1.1 trillion.

https://www.buzzfeednews.com/article/rubycramer/elizabeth-warren-social-security-plan

Per the Kaiser Family Foundation, The. U.S. Census Bureau reports two different measures of poverty: the official poverty measure and the Supplemental Poverty Measure (SPM). In 2017, the threshold for poverty under the official measure was $11,756 for an individual age 65 or older. Unlike the official measure, the SPM poverty thresholds vary by geographic area and homeownership status, and the SPM reflects financial resources and liabilities, including taxes, the value of in-kind benefits (e.g., food stamps), and out-of-pocket medical spending...Under the official poverty measure, 4.7 million adults ages 65 and older lived in poverty in 2017 (9.2%), but that number increases to 7.2 million (14.1%) based on the Supplemental Poverty Measure (Figure 1).



https://www.kff.org/medicare/issue-brief/how-many-seniors-live-in-poverty/

[Ferrets are Cool]

1. But, but, but....SHE'S A WOMAN!!!!

Just in case.

[Newest Reality]

2. Another crucial factor in this...

This is going to be a growing issue for certain. It is already difficult for those who get by on SS and SNAP, etc.

That is, we have roughly 10,000 people reaching 65-years-old per day now, which is due to the Boomers reaching retirement age. That's over 300,000 per month. And again, roughly, that's in the neighborhood of over a million a year.

If I recall correctly, more than half of them have no assets whatsoever. So, a rough sketch is that at least 5,000 senior citizens a day might be vulnerable to poverty and homelessness as well.

If we don't address it, then the visibility of this critical trend will increase. What will we do when we have thousands of seniors living in tents and on the streets? We cannot settle for interment camps for everyone who falls into poverty and the cruelty of treating elders that way is truly deplorable.

You know, it has been said that you can judge a society by how it treats the weak and vulnerable, like children and seniors, etc. Right now, without changing course, I think we are shooting for an F rating.

[IndyOp]

3. So, based on the SPM - 4.9 million seniors living in poverty would be lifted up and out. Wow! (nt)

[blm]

4. AND reduce the deficit. This is why financial experts either admire her

Or fear her.

[Wounded Bear]

5. I can guaran-goddam-tee you...

that if you give me $200 a month more on my check, it will go right back into the economy for at least the first 3-5 years, assuming I live that long. I figure I am far from alone in that.

Now, I'm not in really bad shape, but I know that there are millions of SS recipients that need a boost as much and more than I do.

One other thing to consider on this plan. Unlike my situation, there are literally millions of younger folks out there having to support and supplement their elder relatives on a regular basis. A move like this would lift quite a bit of burden off of them, too.

[HeartlandProgressive]

6. K&R

[Bradshaw3]

7. K&R

[Fiendish Thingy]

8. Too risky, we can't possibly do something so bold, so substantial...

Must stay safe, stick with the Status Quo, don't rock the boat, return to normalcy...

[Johnny2X2X]

9. Best proposal I've heard

This would be life changing to millions of people.

I can't tell you exciting this is for me, some of my close friends and family survive on social security and an extra $200 a month would be just massive for them.

[turbinetree]

10. Think about this................ she was instrumental in creating the (CFPB)

Consumer Financial Protection Bureau and was a special advisor under Obama.....................I think she knows what she is talking about..........................hands down....................

[SCVDem]

11. I still say

that she would make an excellent Treasury Secretary.

Her main strength is economics.

I would like to see her sole focus there.

Presidents don't usually make policy by themselves, but surround themselves with greatness.

That's why we are sucking under tRump. We need an expert in the field.

The Presidency would distract her, or anyone holding the office.