So Elizabeth Warren is right. We need to expand Social Security. But she's only got half the story. If we really want to not only protect retirees and the economy but also increase job opportunities for young people entering the job market we should go even further.
We should do what I've proposed doing for years: lower the retirement age to 55 and increase benefits by 10 to 20 percent so that they match up with what they were back in the 1960s.
Doing so wouldn't just save seniors from an uncertain retirement -- it would also jump-start the economy. By allowing Baby Boomers to retire early, we would open their jobs to young people struggling to start their careers.
At the same time, we would tighten the labor market so much that wages would actually rise, in turn stimulating the economy. And as wages rose, so too would tax revenues. In other words, that 10 to 20 percent benefit increase would pay for itself, and reduce the deficit!
The solution to our retirement crisis is clear: take Elizabeth Warren's proposal to expand Social Security and crank it up a few notches.
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