WASHINGTON—Sen. Richard “Dick” Durbin (D-Ill.) rallied those on the political left to support an agreement on the fiscal cliff Tuesday, outlining a plan that includes entitlement reform but will see Social Security in separate negotiations.
“Progressives cannot afford to stand on the sidelines. … We have to look to reform and change that is significant,” Durbin said, speaking at the liberal think tank Center for American Progress in Washington, D.C. “We can’t be so naïve that just taxing the rich is going to solve our problems.”
According to Durbin, extending Bush-era tax cuts for those earning under $250,000, while letting them expire for the wealthy earning above that was a central tenant of the negotiations.
Republicans to date have stood their ground on extending the Bush tax cuts for all, opting instead to raise revenue by eliminating loopholes and reducing deductions.
But Durbin noted that since the recession, 90 percent of income growth has gone to earners in the top 1 percent, while middle-class incomes have declined.
“Income inequality is the worst it’s been in almost 90 years,” he said.
Liberals should be open to discussion on entitlement reform, according to Durbin, but he softened the suggestion by proposing that Social Security be set apart from the fiscal cliff negotiations.
“I think we should take Social Security off the table for the current fiscal cliff and deficit reduction but be very honest about what we’re going to achieve in the near term,” he said.
Durbin proposed setting up a commission system for Social Security that would provide more in-depth discussion and produce a program of solvency for at least 75 years, subject to congressional approval.
“Small changes made today in Social Security will play out over the long term to buy us solvency for a long period of time,” he said.
