Social Security Report

Trump’s New Chief of Staff & Social Security

President Trump has appointed Mick Mulvaney, director of the Office of Management and Budget and a true fiscal hawk, as White House Chief of Staff effective January 1, 2019.  The President’s views on Social Security have consistently stated no program changes, believing economic growth would generate enough revenue to stave off insolvency in Social Security for many more years.  But most experts and economists have been tougher, noting that Social Security ran a deficit in 2018 and will do so every year until 2034 when all past surpluses, which are allowing current benefits to be paid in full, will be depleted.  Mulvaney understands the problem and has supported balancing the federal budget and is on record stating Social Security should be “on the table”.  He has supported raising the retirement age, which experts state is critical to reducing Social Security’s long-term cash shortfall.  Such a change would reduce the amount of lifetime benefits paid to future generations of retired workers but also shore up the program’s finances.  Mulvaney will not have a direct policy making role as Chief of Staff, but he will have the President’s ear.  Read more about Mulvaney in this piece here by Sean Wiliams of The Motley Fool.

The Association of Mature American Citizens (AMAC) has developed a program to save Social Security by making modest changes in cost of living adjustments and the retirement age, without the need for any tax increases on workers.  AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas.  AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years.  Read AMAC’s plan here.

Notice: The first link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.