A Call for Focus on Social Security Reform
An article by The Hill Opinion Contributor Nancy Altman underscores the importance of Congress moving America’s retirement income crisis to the front burner. Her article recaps the intent of H.R. 5723, the Social Security 2100: A Sacred Trust bill originated by Rep. John Larson (D-Conn.) and supported by 90 percent of House Democrats, and outlines the program expansion components of this legislation. The Larson bill was introduced October 26, 2021, and was the subject of a December hearing during which Ms. Altman and eight other witnesses highlighted the importance of the bill, citing “a fierce urgency of now to vote on Social Security. Seniors, people with disabilities, widows, and other beneficiaries cannot wait.” Read Ms. Altman’s post here…
The Association of Mature American Citizens (AMAC) has reviewed H.R. 5723 and its predecessor in the previous Congress, and has contrasted it to other approaches designed to ensure Social Security’s solvency for future generations. In fact, a post on this website on December 15 offered a different view on reforming Social Security: “AMAC has been critical of bills like this that are more akin to welfare than rescuing this vital program. AMAC believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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.”
AMAC, through its AMAC Action affiliate, will continue to monitor progress on this and similar legislative proposals, commenting as appropriate on their merit. Stay tuned to this website for more analyses.