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Fixing Social Security: There’s no simple solution
Social Security’s long term financial difficulties are pretty well known by now, including that the Trust Funds’ asset reserves are projected to run out by 2034, a mere 17 years from now. And while the problem is well known, there are some who promote what they believe to be a simple solution: raise the payroll tax cap, which for 2017 is $127,200, the amount of workers’ earnings from which FICA is withheld. A simple solution? Yes. A good solution? Not so much. This mySA.com (San Antonio. TX) “Moneytips” article opines that there are no simple solutions to the complex problem of Social Security’s financial woes.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
To read mySA’s article about why eliminating the Social Security tax cap is not a good solution, click here.