A Bad Plan: Refusing to Reform Social Security - L’Observateur
As the 2024 election year approaches, politicians on both sides of the aisle are vowing to “leave Social Security alone.” Specifically, President Biden, who has announced his plan to run for reelection, has vowed (vaguely) to protect Social Security but has so far during his tenure in office offered no plan to resolve Social Security’s finances. The front-runner on the Republican side, former President Trump, is now vowing to leave Social Security alone, in contrast to his previous support for reforming the program by raising full retirement age to 70. The problem is - the plan to, essentially, do nothing about reforming Social Security is a plan which leads to insolvency in less than a decade, and will result in across the board benefit cuts for everyone.
Louisiana Senator Bill Cassidy recently published an Op-Ed which highlighted that doing nothing about Social Security reform is a plan for financial disaster which will plunge many seniors into poverty in as little as 9 years. Senator Cassidy, along with Senator Angus King and other bipartisan senators, are suggesting a unique approach using diversified investments to provide supplemental funding for Social Security which is outlined in this L’Observateur article. However the suggested plan seems to lack recognition of the real problems facing Social Security - greatly increased life expectancies, and fewer workers contributing to the program. So while any discussion about Social Security’s financial issues is welcome to emphasize how serous the problem is, it’s also important to recognize the cause of the problem and suggest solutions aimed at resolving those issues. Such is the solution offered by the Association of Mature American Citizens (AMAC) in its Social Security Guarantee.
For its part, the Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. 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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.