While some Republicans – and even a handful of Democrats – argue that entitlements such as Social Security need to be scaled back in order to get a handle on the nation’s debt, consider Sen. Sherrod Brown on the other end of the spectrum.
Brown, D-Ohio, announced yesterday that he supports a bill that would increase benefits for seniors. The bill also, however, accounts for the long-term solvency of Social Security by asking wealthy Americans to pay the same percentage toward Social Security that the middle class does.
Specifically, Brown’s bill would change the formula by which the federal government calculates Social Security benefits. In doing so, it would increase benefits by about $70 per month. It would be targeted to help those in the low and middle of the income distribution, under the premise that those income groups are more reliant for Social Security for their retirement income.
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