Tag: Elizabeth Warren

In an address at Edward M. Kennedy Institute for the United States Senate in Boston, established by her late predecessor, Sen. Ted Kennedy, Sen. Elizabeth Warren (D-MA) got to the heart of the Black Lives Matter movement and what everyone should be doing to end racial inequality.

80 years ago today President Franklin D. Roosevelt signed the Social Security Act as a major part of his New Deal. Calls for its privatization started over 30 years ago under Pres. Gerald Ford. We must not let that happen. If anything, it should be expanded as Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) proposed.

Sen. Warren sent an e-mail today reminding us of the vital importance of this program to seniors, the disable and dependent children:

80 years ago today, President Franklin D. Roosevelt signed the Social Security Act into law – and it was in large part thanks to a remarkable woman from Massachusetts: Frances Perkins.

Frances Perkins was FDR’s Secretary of Labor – the first woman in US history to hold a cabinet position. Coming out of the Great Depression, she was a chief architect of the New Deal, and we can thank her for the 40-hour workweek, the minimum wage, and unemployment insurance. She was also the head of the Committee on Economic Security, which created the blueprint for Social Security. God bless Frances Perkins.

FDR and Frances Perkins established Social Security because, as FDR said, “It [would] take care of human needs and at the same time provide for the United States an economic structure of vastly greater soundness.” In other words, Social Security would be a win-win: good for our nation’s economy and good for the citizens of our nation.

They knew that Social Security was about economics, but it was also about our values. It’s about who we are as a people, and what kind of country we are determined to build. [..]

80 years later, we need Social Security more than ever. People are hitting their retirement years with less savings and more debt. Pensions are disappearing, being replaced by 401(k) plans that leave retirees at the mercy of the stock market. The squeeze on America’s middle class is now a squeeze on America’s retirees.

Social Security benefits are modest – just $1300 a month, on average – but two-thirds of America’s seniors rely on those checks for the majority of their income. For 15 million seniors, Social Security is all that stands between them and poverty.

Social Security is about independence and dignity. It’s no surprise that 79% of likely voters in last year’s election – Democrats, Republicans, and Independents – support increasing Social Security benefits. Every person who represents you in Washington, and every person running for President in 2016, should be talking about protecting and expanding Social Security – not cutting it.  

FDR and Frances Perkins knew that you don’t get what you don’t fight for. So today, I’m fighting hard to make sure we don’t cut a dime of Social Security benefits. I’m fighting to protect and expand Social Security – and I hope you’ll fight alongside me.

Decades after Social Security was established, Frances Perkins told the Social Security Administration:

Social Security is so firmly embedded in the American psychology today that no politician, no political party, no political group could possibly destroy this Act and still maintain our democratic system. It is safe. It is safe forever, and for the everlasting benefit of the people of the United States.

Let’s fight to make good on Frances Perkins’ promise by protecting and expanding Social Security.

Thank you for being a part of this, and a special thanks to Frances Perkins – a tough woman with a vision. Happy birthday, Social Security!

Elizabeth

She asks us to sign her petition to protect and expand Social Security:

Two-thirds of seniors rely on Social Security for the majority of their income in retirement, and for 15 million seniors – 15 million – this is the safety net that keeps them out of poverty. And yet, instead of taking on the retirement crisis, instead of strengthening Social Security, some in Washington are actually fighting to cut benefits.

The absolute last thing we should do in 2015 – at the very moment that Social Security has become the principal lifeline for millions of our seniors to keep their heads above water – is allow the program to begin to be dismantled inch by inch.

Join me today – on the 80th anniversary of Social Security – to take a stand: We believe in protecting and expanding Social Security so our seniors can retire with dignity.

We stand with Sen. Warren. Please sign her petition

In a press release, Massachusetts Senator Elizabeth Warren along with five other Senate Democrats announced the introduction of legislation to end the practice of some employers to require a job applicant to disclose their credit rating.

Senator Warren Introduces Legislation to Prohibit Employers from Requiring Credit Report Disclosure

Dec 17, 2013

Fact Sheet is Available Here (pdf)

Text of the Legislation is Available Here (pdf)

Washington, DC – United States Senator Elizabeth Warren (D-Mass.) today introduced the Equal Employment for All Act with Senators Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Patrick Leahy (D-Vt.), Edward J. Markey (D-Mass.), Jeanne Shaheen (D-N.H.), and Sheldon Whitehouse (D-R.I.). The legislation would prohibit employers from requiring potential employees to disclose their credit history as part of the job application process. It was previously thought that credit history may provide insight into an individual’s character, but research has shown that an individual’s credit rating has little to no correlation with his or her ability to be successful in the workplace.

“A bad credit rating is far more often the result of unexpected medical costs, unemployment, economic downturns, or other bad breaks than it is a reflection on an individual’s character or abilities,” Senator Warren said.  “Families have not fully recovered from the 2008 financial crisis, and too many Americans are still searching for jobs. This is about basic fairness — let people compete on the merits, not on whether they already have enough money to pay all their bills.”

A study from the Federal Trade Commission earlier this year suggested that errors in credit reports are common and, in many cases, have been difficult to correct.  “It makes no sense to make it harder for people to get jobs because of a system of credit reporting that has no correlation with job performance and that can be riddled with inaccuracies,” Warren said. [..]

Senator Warren’s bill is based on H.R. 645, which was introduced by Congressman Steve Cohen (TN-9) in 2011.

Sen. Warren joins the host of MSNBC’s “All In” Chris Hayes to talk about her bill to stop employers from using an applicant’s credit score in the vetting process.

Take Action and sign the petition to support Equal Employment for All Act and end the practice of denying employment based on credit scores,

Increasingly over the last few months the sensible people of congress have gotten on board with the idea that Social Security should be expanded. With the failure of many 401k’s and inadequate pension funds, many seniors and future retirees are more reliant on Social Security for a substantial part of their retirement plans. Senators Tom Harkin (D-Iowa), Bernie Sanders (I-Vt.), and Sherrod Brown (D-Ohio) have proposed that instead of switching to a “chained” consumer price index that cuts retiree benefits, the nation should adopt CPI-E, which measures the actual cost of living for the elderly and would raise benefits to meet actual needs.

The latest to voice support for this idea is Massachusetts Senator Elizabeth Warren who took to the Senate floor to criticize the Washington Post‘s editorial that said  called expanding Social Security “wrongheaded” and suggested the nation should instead be more concerned about the higher percentage of children living in poverty. Sen. Warren called this the “uglier side” of the debate on Social Security.

While President Barack Obama and House Minority Leader Nancy Pelosi have expressed their support for cuts to Social Security as part of a budget agreement to trim the deficit, which Social Security does not contribute to, most Democrats wisely have said ruled that out in the current debate talks. We need to make sure that any cuts to the Social Security benefits of our most vulnerable citizens is taken off the table permanently.

There are a few fools in the House and Senate who don’t understand the consequences of the US defaulting on its debt payments. Flirting with default is not an option to solve a budget impasse. It’s a recipe for global financial disaster.

The right’s antics could cause a Depression: The terrifying default aftermath

by David Dayen, Salon

Normally with a financial crisis, there’s at least agreement on the need for a response. Not with these lunatics

The biggest threat from the twin calamities of the government shutdown and the debt limit breach is not actually the real-world effect; it’s what happens the next day, and the day after that. In other words, the most frightening thing about default, which is much more problematic than the shutdown, is what happens afterward. [..]

And all of these outcomes pale in comparison to what would happen if the government defaulted on any of its debts. Put the misguided statements of debt limit denialist Republicans aside. Based on current cash on hand at the Treasury Department, roughly 32 percent of the funds owed (pdf) between Oct. 18 and Nov. 15 would have to go unpaid. That’s a massive reduction in federal spending, and would cause a significant hit to Gross Domestic Product. Prioritization of payments, which may be unconstitutional, would certainly be a logistical nightmare, forcing Treasury to rewire its payment system (pdf) and pick and choose between up to 100 million monthly invoices.

If one of the missed payments is to a holder of U.S. debt, then you have a default event that could cause credit markets to freeze, the U.S. dollar to plummet, and financial institutions to struggle to secure short-term lending on which they rely. With the dollar and the U.S. Treasury bond serving as a benchmark for world markets, Businessweek says that the resulting global apocalypse would dwarf the implosion of Lehman Brothers that precipitated the 2008 financial crisis. And it would injure the perceived stability of U.S. debt maybe forever, raising our borrowing rates as investors decide a country that threatens to default for no good reason isn’t worth putting their money into. [..]

Armed with the knowledge that Congress won’t meaningfully help recover the economy, the White House needs to think very hard about forsaking the various options they could use to try and avert a debt default. It’s not just that the alternative is a disaster; it’s a prolonged disaster.

IMF piles pressure on US to reconcile differences and prevent debt default

by Larry Elliot and Jill Treanor, The Guardian

Shares and oil prices rise in hope of six-week extension as OECD warns US deadlock threatens world economy

The International Monetary Fund and the Organisation for Economic Cooperation and Development both issued sharply worded warnings to Republicans and Democrats amid signs that America’s Asian creditors were becoming alarmed at the potential consequences of the impasse. [..]

Speculation about a deal emerged after Jack Lew, the US Treasury secretary said there would be chaos if the US defaulted – a message rammed home by the IMF’s Christine Lagarde and the OECD’s secretary general Angel Gurría.

Lagarde, the IMF’s managing director, said there would be very dangerous consequences for the US economy and very dangerous consequences outside the US economy if the default was not prevented.

She distanced herself from the infighting in Washington, noting: “The IMF does not make recommendations about how, politically, this can be resolved. We don’t take a political view. We just look at the economic consequences.

“When it affects the largest economy in the world, we are bound not only to look at the immediate domestic consequences but at what happens elsewhere, so that we can have a dialogue with our members to help them prepare. I hope we will be able to look back in a few weeks and say what a waste of time that was. But we have to look at the risks no matter how unlikely they are to materialise.”

On Wednesday, Massachusetts Senator Elizabeth Warren addressed the Senate warning that “this is no time to act out dangerous fantasies.”

“We’re in this position for one reason, and one reason only: because Congress told the government to spend more money than we have – and Congress told the Treasury to run up our debt to pay for it – but now Congress is threatening to run out on the bill,” Senator Warren said.  “…The idea that we can somehow renege on our debts without paying a huge price is a fantasy-and a very dangerous one.” [..]

“This fight is about financial responsibility. Financially responsible people don’t charge thousands on their credit cards and then tear up the bill when it arrives. Financially responsible nations don’t either….If we default on our debt, we could bring on a worldwide recession-a recession that would pummel hard-working middle class people, people who lost homes and jobs and retirement savings and who are barely getting back on their feet,” said Warren.

Talks between White House and Republicans fail to end US shutdown

by Dan Roberts, The Guardian

Hopes that a deal might be in sight disappear as Barack Obama and House speaker John Boehner fail to see eye to eye

Discussions between Barack Obama and House speaker John Boehner broke up after 90 minutes with little apparent progress, although there was a marked change in tone on both sides that suggests a deal could still be close. [..]

But the Republicans refused to lift a separate threat to spending authorisation, which has led to a partial shutdown of the government since 1 October.

Obama had insisted on at least a temporary reprieve from both threats before he would agree to negotiate over Republican demands to repeal his healthcare reforms and cut spending.

On Thursday night, it appeared the president had chosen to stand his ground and may have initially refused to accept the partial climbdown from Boehner.

The game continues and no one is hitting the brake.