Welcome to Seniors for Elizabeth Warren! Over the next four months, we will be growing this community to talk to our friends, family members and neighbors about why we need Elizabeth Warren in the U.S. Senate. Start organizing today - sign up using the form to the right.
Expand Social Security. Don't cut it.
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.
Today Social Security is under attack. The Republicans are doing everything they can to privatize and cut benefits for millions of seniors who rely on Social Security to keep food on the table and a roof over their heads.
Join me today – on the 80th birthday of Social Security – to take a stand: We believe in protecting and expanding Social Security so our seniors can retire with dignity.
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.
Let’s take a stand for America’s seniors: Sign our petition to protect and expand Social Security so that, when the time comes, every person can retire with dignity.
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!
Retirement advice should be in your best interest
People face a lot of challenges when they try to save for retirement, but one of the biggest challenges lurks mostly out of sight.
How do you know when a retirement advisor or broker is doing what’s best for you, and how do you know when they are just doing what’s best for them?
Many retirement advisors recommend investments that work best for the customers they work for. But some don’t. Those advisors and brokers recommend investments based on what’s best for them – and what fees, bonuses, free vacations, cars, and other kickbacks the advisor can earn from selling a lousy product.
Today I joined President Obama and Labor Secretary Tom Perez to call for more transparency and stronger rules to make sure the retirement advice you receive is always in your best interest. Join us in saying that it’s time to fix this broken system.
Numerous studies, including some from Harvard and MIT, have found that some advisors consistently steer customers to the highest fee products – despite the fact that high fee funds don’t perform any better, and often perform worse, than low fee funds. And the worst part? For large portions of the retirement market, it’s perfectly legal to push these lousy investment products.
That makes it really tough for unsuspecting customers who could lose thousands – or hundreds of thousands – of dollars in retirement savings when they fall into the hands of the wrong advisor.
And it makes it really tough for the thousands of honest advisors and brokers who already put their clients first. Right now they have to compete against the unethical advisors who don’t. That’s not a level playing field – it’s a broken system.
Today, we begin to fix it. Today, we begin to stand up for the millions who are trying to set aside some money for a decent retirement. And today, we begin to stand up for the honest retirement advisors who are working hard to help them.
Join President Obama and me in saying it’s time to do what we should have done years ago: it’s time to end the bonuses, the fees, the free vacations, the fancy cars, and the other incentives to sell bad products to unsuspecting customers – and to ensure that all of our retirement advisors, not just some of them, are looking out for the best interests of the people they serve.
What Republicans want to take away
Elizabeth had an op-ed printed in the MetroWest Daily News today, explaining why it's so important for Massachusetts residents to keep the Affordable Care Act (also known as "Obamacare").
The Affordable Care Act is already helping families in the Commonwealth. Together, these reforms make families safer. Better health care coverage means more people will get preventive care — and that means catching serious problems earlier when outcomes are better and treatments are cheaper. Better health care coverage also means that when someone receives a bad diagnosis, the family won’t be crushed financially. And helping small businesses pay for health care premiums also means that they can compete against bigger businesses on a more level playing field.