It would be targeted at three major voting blocs comprising the young, working parents, and the elderly.
Joe Biden, the Democratic presidential nominee has proposed about $8 trillion in cost over the last decade with about half the cost covered by tax increases, according to different campaign materials and individual analyses. This could be a limitation of the implementation of Biden’s agenda even if his party won come November based on the indication of the recent political and polling betting markets. A probable slim Senate Democratic majority could deliver more accuracy.
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The health care and climate agenda of the former vice president are the most expensive and likely the most controversial. It is even uncertain that a Democratic-inclined Washington will assume those contentions right out of the gate. However, Biden’s former rival-recently-turned influential-surrogate, Sen. Elizabeth Warren, D-Mass offered a different blueprint for her prospective vice president and presidential nominee at the Democratic convention of last week.
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Last Monday, Warren stated on NBC’s “Today Show” that Kamala Harris and Vice President Biden hope to see an expansion of Social Security, the cancellation of an enormous amount of student loan debt, and an expansion to the child care access.
Subsequently, at the watch party that hosted progressives the following night, she continued that Joe Biden and Kamala Harris will improve the benefits of Social Security, create high quality, secured and affordable child care, and eliminate student loan debt.
This is a policy that will hit the trifecta on all political ambitions. For the younger voters whom Biden requires turning out, the elderly voters, who usually vote in droves, and the parents who experience difficulties in balancing work and life, especially with the current coronavirus pandemic.
This would be much easier said than done.
A snapshot of Biden’s agenda for the student loan debt, child care, and Social security as well as the landmines that might trigger them have been provided below.’
Biden plans to improve the benefits of social security through better adjustments of the annual inflation and unique considerations of the retired poor and the elderly as well as widowed spouses.
A minimum benefit that is similar to about 125% of the poverty level would be established for individuals having more than 30 years of work experience which would help increase the monthly benefits of the affected recipients by about 50% considering the $886.40 minimum of 2019. For instance, the minimum will begin to develop more rapidly every year. Aged retirees would also benefit from the increase once they have achieved 20-year eligibility.
Currently, widowed spouses might experience a 50% cut in benefits after their spouse dies if they were previously earning the same amount in their careers. According to Biden’s agenda, the survivors of dead spouses can receive about 75% of the accumulated total if their spouses lived. The Congressional Budget Office indicated that women are about 90% of the beneficiaries of this option and would enjoy a 20% increase in their benefits from Social Security.
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