Washington Policy Watch

News and perspective on public policy issues affecting Washington's economy and quality of life, brought to you by the Economic Opportunity Institute.

Just Scrap the Cap on Social Security

Don’t think Social Security cuts affect you? Think again. Because if Social Security is cut, your parents might be movin’ in.

Here’s the deal: right now, everyone pays Social Security taxes on the first $106,800 they earn, which means most people pay Social Security taxes on their whole paycheck. But since $106,800 is the cap (unless Congress acts to change it), a whole lot of wealthy people don’t pay a dime in Social Security taxes on most of what they make… Learn more »

Tell Congress: Don’t cut Social Security – Just Scrap the Cap »

Filed under: retirement security, , , , , ,

October 18th: Learn the truth about Social Security with expert Nancy Altman

In response to unfounded attacks on Social Security, EOI and Social Security Works – Washington will be hosting a free event in Everett this Tuesday, October 18th to dispel myths about Social Security.

The event will be held at the Jackson Conference Center on the campus of Everett Community College, October 18th from 6:30 – 8:00 PM. The keynote speaker will be Nancy Altman, author of “The Battle for Social Security” and a nationally-renowned expert on Social Security. She will be joined by U.S. Congressman Rick Larsen, as well as WSLC President Jeff Johnson, whose family received Social Security survivor benefits.

Nancy Altman will puncture myths and misinformation circulating about Social Security, discuss possible changes to strengthen benefits, and describe its importance to all generations of Americans – from children of the Great Depression to those born in this Great Recession.

The event is free and open to the public. Learn more and RSVP >

Detailed Parking Map of Everett Community College >

Where: Jackson Event Center, Everett Community College
When: 6:30 – 8:00 PM; Tuesday, October 18th, 2011

Filed under: retirement security, , , ,

Social Security must keep ensuring dignity for all

From the Everett Herald:

john burbank

John Burbank, Executive Director, EOI

It used to be that working hard and playing by the rules earned most people economic security and the ability to retire with dignity. But jobs are being outsourced, the jobs that remain offer lower wages and fewer benefits, and the retirement savings of most Americans has been decimated by the stock market — if it wasn’t already used to pay the mortgage.

Employers are shifting pension costs onto workers in a fend-for-yourself retirement system. The typical defined contribution retirement account held only $17,794 in 2009. The typical retirement account for people who had been putting money in from 2003 to 2009 was $59,381.

That may seem like a big number, but it’s closer to peanuts. The best retirement accounts provide a stream of income until death. That’s called an annuity, and at $59,381, it would be $285 per month. At $17,794, it’s closer to $85 a month. Both figures leave the retiree living in severe poverty.

Fortunately, one underpinning of the American Dream remains intact: Social Security. Read the rest of this entry »

Filed under: retirement security, , , , , , ,

The human cost of “free trade” policies, as illustrated by The Constant Gardener

Stan Sorscher

Stan Sorscher, EOI Board Member

Guest post by Stan Sorscher

In a somewhat contentious Town Hall meeting, some of my Congressmember’s constituents, including me, were challenging his adherence to “free trade” policies. In his defense he said, “Go watch The Constant Gardener.” So I did.

Many scenes are shot in Africa, with vivid images of urban slums and timeless poverty, where people express dignity, strength and courage every day. A foreign pharmaceutical company is conducting drug trials using legions of Africans as test subjects. The experimental protocol ignores the villagers’ interests, killing many of them, providing none of the protections we would normally expect of clinical trials in a Western democracy.

The African city has no institutions of civil society (other than the inherent good nature of the people) – weak and distant government, bribery, police corruption, overwhelmed hospitals, a primitive public health agency, no scientific community, no free press or journalism, organized social or political activity…except for the local police, who serve the drug company. Every mother, father and child in the clinical trial is reminded of his or her own insecurity. Everyone dreads being singled out for anti-corporate behavior.

Things go badly, as you might imagine.

The movie is a work of fiction. What it tells us about trade is this: Public policies – trade policy included – create winners and losers. In this case, the winner is a multinational company acting with very little intervention from civil society. The losers are people and their communities who have no voice in choosing their own future.

Read the rest of this entry »

Filed under: early learning, education, EOI, health care, minimum wage, retirement security, tax and budget, , , , , , , , , ,

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