February 18, 2020

Bloomberg unveils plan to increase Social Security benefits

Former New York City Mayor Mike Bloomberg rolled out his Social Security plan Sunday, saying he will strengthen the program and will add benefits to the poorest recipients.

Bloomberg's plan includes introducing a new minimum benefit in Social Security, creating a government-backed retirement-savings plan, curbing out-of-pocket drug cost in Medicare, expanding routine coverage and developing a federal safety net to guard against the catastrophic costs, according to a statement.

"Americans who have worked for decades deserve the opportunity to retire without facing constant financial pressure," Bloomberg said in a statement. "As president, I will strengthen Social Security to allow seniors to do just that."

Bloomberg's plan looked similar to those of many of his Democratic rivals as far as increasing payouts, while adding the idea of an additional public savings option featured in plans by former South Bend Mayor Pete Buttigieg and Sen. Amy Klobuchar, D-Minn.

Bloomberg was unclear about how he would pay for such upgrades to a program some experts said will lose the ability to pay for itself in less than 20 years.

According to the Social Security Administration, the average retired worker earns $1,503 monthly from the program. The administration tax ranges from 6.2 percent to 7.65 with Medicare, but the plan did not say how or if those would change.

Rep. Ted Deutch, D-Fla.; Coral Springs, Fla., Mayor Scott Brook; and West Palm Beach, Fla., Mayor Keith James have said they support Bloomberg's plan.

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