US. Elizabeth Warren’s Plan for Social Security Looks Smart
When I was a teenager, my mom showed me a statement that she had received in the mail from the Social Security Administration. It included an annual history of her earnings, which showed a big string of zero’s covering the years when she was in her late 20s and early 30s. “That’s you and your sister,” she explained, laughing.
My mom is doing just fine these days, but anyone who spends years as a stay-at-home parent — or an unpaid caregiver of any kind — faces a financial penalty when it comes time to retire. Our Social Security system doesn’t recognize parenting as the socially and economically valuable job that it is. That’s not the system’s only inequity, either.
It also punishes teachers, police officers, firefighters and other government employees. Their Social Security benefits are cut if their pension is large enough, unlike private-sector workers, who can keep their full Social Security benefit regardless of the size of their private pension.
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