A slow moving crisis – Social Security’s financial woes
Politicians have known for a long time that the Social Security program is headed for some rough waters. Largely a result of increased longevity and a smaller ratio of workers to beneficiaries, the latest report to Congress by the program’s Trustees predicts that Social Security will soon start to pay out more in benefits than it gets in revenue, meaning that the current $2.9 trillion in reserves will be gone by 2035, resulting in benefit cuts to all recipients. According to this New York Times article by Jeff Sommer, that big reserve account is what gives today’s Congress breathing room to drag their feet until the last possible moment, because /Social Security is viewed as the “third rail” of American Politics. But waiting longer also exacerbates the problem, which may mean that future benefit cuts may soon become unavoidable.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. 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.