Sen. Cassidy on Social Security: “We really do need to fix it!” - Fox Business
Sen. Bill Cassidy (R-LA), whose term ends January 3, 2027, has been outspoken about the need for Social Security reform and has advanced specific legislative proposals to address the looming insolvency. In a brief—less than a minute—Fox Business video clip on YouTube, he dispels the popular notion that additional borrowing would resolve the problem and avoid the benefit cuts being discussed in various media pieces.
Given that federal debt has recently crossed the $40 trillion mark, it’s likely that most informed sources would agree that borrowing is not a viable solution to Social Security’s problems. Rather, as Sen. Cassidy suggests, the program needs to be fixed. Will that happen? Optimistically, many believe that Congress will muster the political will to address the problems, much like it did four decades ago when facing a similar financial quandary.
Rest assured that many organizations are working diligently to advance potential solutions for Congress to consider. Joining this stream of emerging ideas is the Association of Mature American Citizens’ (AMAC) Social Security Guarantee (SSG). AMAC’s SSG is a packaged proposal to address the insolvency issue, based on the premise that Social Security’s promise must be preserved and modernized to meet the demands of 21st-century economics.
AMAC’s Stance on Preserving, Protecting, and Modernizing Social Security
AMAC’s position is that Social Security solvency can be achieved without payroll tax increases through relatively minor program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating payments to higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with steps to ensure that a larger percentage of total worker earnings are subject to FICA/SECA payroll taxes. Other changes advocated by AMAC include (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) improved survivor benefits, (4) eliminating the reduction in benefits for those choosing to work before full retirement age; and (5) improved savings tools for future retirees, including a savings account that builds estate value.
AMAC is resolute in its mission to preserve Social Security for current and future generations and has drawn the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade. Most recently, the suggested legislative framework has been reviewed with Social Security Administration officials. For more information on the AMAC proposal, read the “AMAC Social Security Guarantee” document on their website.