Elizabeth Warren is out with her latest policy proposal, and she's calling for those on Social Security to receive an extra $200 a month. In a post at Medium detailing the proposal, Warren says the increased benefits would be paid for by raising taxes on the wealthy. The plan comes out hours ahead of the third Democratic debate, and the New York Times observes that it appears calculated to appeal to older voters who might be leaning toward Joe Biden. Warren's plan would cost more than $150 billion in its first year, per the Times. Specifically, Warren wants to impose a new 14.8% contribution requirement on individual wages above $250,000 a year, reports the Hill.
"Currently, the rich contribute a far smaller portion of their income to Social Security than everyone else," writes Warren. "That's wrong, and it's threatening the solvency of the program." She maintains that her plan would not only result in a needed raise for beneficiaries, whose average monthly check is $1,354, but would extend the solvency of Social Security by two decades. The chances of her plan becoming reality? Pretty slim, notes Vox in an explainer. "But Warren’s Social Security pitch is a good guide to how she thinks about economic policy in general," writes Matthew Yglesias. Her emphasis is on income inequality and how to remedy that. In her view, by taxing the rich—"and taxing them fairly heavily—you unlock the possibility of raising living standards for almost everyone," Yglesias notes. (Read more Elizabeth Warren stories.)