OPINION: Uncle Joe has a deeply progressive economic agenda. Last summer, Biden released a comprehensive plan for reforming retirement policy, yet it received little media attention. Here's why his presidency would help older Americans
Last year, The Week published an article titled “Joe Biden Doesn’t Get It.” The article breezily states that Biden supports “abysmal ideas like cutting social insurance programs.” It quotes the former Vice President as saying: “Paul Ryan was correct when he did the tax code. What’s the first thing he decided we had to go after? Social Security and Medicare…That’s the only way you can find room to pay for it.
That speech wasn’t empty rhetoric. Last summer, Biden released a comprehensive plan for reforming retirement policy, yet it received little media attention. While political pundits were busy painting Biden, Sanders, and other presidential contenders with broad verbal brushes such as “moderate” and “liberal,” they spent little time diving into the candidates’ plans.
Retiree poverty rates rise in lockstep with age: as seniors draw down on their retirement accounts, their incomes tend to fall. Because no one knows how long they will live, retirees who outlive their savings rely predominantly on their Social Security benefits. Increasing aid to the oldest retirees — say, those 85 or above — is an obvious solution to this problem.
Finally, Biden’s plan would increase benefits for widows and widowers. Under current law, when a husband or wife dies, the surviving spouse is left with the higher of two amounts: either their own Social Security check, or half of their dead partner’s check.
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