About Fixing Social Security’s Finances
The just-released report from the Social Security Trustees has some good news, but more bad news. The good news is that there was an $11 billion surplus in the year 2020 which brought Social Security’s Trust Fund reserves up to $2.91 Trillion. The bad news is that starting this year, Social Security will need to start using those reserves to pay benefit obligations, a continuing trend forecasted to result in the combined Trust Funds being depleted in 2034. So how should Congress fix that problem? Well, one way would be to simply raise the Social Security payroll tax rate, and this article discusses how that would impact American workers. But there are other ways too, and the article defines additional fixes being considered. Reality is that the solution will likely be a bipartisan combination of changes to restore the program to solvency, as suggested in this piece by Matthew Frankel appearing at Lake Geneva Regional News. Click here to read more.
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. AMAC’s proposal restores Social Security to solvency without raising taxes on American workers. To review AMAC‘s Social Security Guarantee, click here.
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