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More on Bloomberg & possible Social Security cuts
Will he or won’t he cut Social Security? Jon Schwarz writing for The Intercept seems to think so as he reviews the former mayor’s record. Schwarz analyzes the Bloomberg presidential campaign’s official proposal for Social Security and retirement. That the plan leaves open the door to benefit cuts for some beneficiaries is what has the author and others concerned. Bloomberg’s plan does advocate a more generous cost-of-living adjustments and an increase in benefits for the poorest beneficiaries. But Bloomberg’s past support for the Simpson-Bowles Commission which did advocate benefit cuts for the highest income earners as a way to make the program solvent is causing alarm for those that want nothing changed or nothing but benefit increases even in the face of Social Security’s insolvency in just over a decade. Read the full comprehensive article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. 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 staffs over the past several years. Read AMAC’s plan here.