Don’t blame Social Security for the Federal deficit!
Some political figures as well as many arm-chair experts cite Social Security as one of the causes of the continually expanding Federal deficit. While it’s true that Social Security pays out huge sums in benefits each year to over 60 million Americans (43 million of which are retired workers), the reality is that Social Security is a self-funded benefit program that can only pay out as much as it receives in revenue from payroll taxes, interest on investments and taxes on Social Security income. That’s not to say that Social Security doesn’t have financial issues – it plainly does. But to blame the expanding Federal deficit on Social Security is simply wrong, as explained in this Motley Fool article by Sean Williams. Click here to read more.
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.