Another Call for Bipartisan Action on Social Security’s Solvency Predicament
To anyone up-to-speed on the problems facing Social Security in the distant–and not-too-distant–future, the revelations in the 2017 Social Security Trustees Report came as reaffirmation rather than surprise. The horizon for exhaustion of the Trust Funds’ cash reserves is still 2034, and the 75-year actuarial shortfall projection got a bit worse. And what remains in effect in the middle of the dilemma is that the landscape for bipartisan action toward resolution of the impending crisis still doesn’t seem likely.
In the midst of this scenario is a section in the 2018 Republican Budget Resolution document introducing policy that would activate development of reform legislation anytime “the 75-year actuarial balance of the Social Security Trust Funds is in deficit, and the annual balance of the Social Security Trust Funds in the 75th year is in deficit.” Sean Williams of The Motley Fool, in a post today on www.fool.com, provides an interpretation of this “reform trigger,” noting that the conditions for its activation are already in effect. Read his post here…
As Williams points out, the question of whether bipartisan compromise can be reached remains the key to achieving resolution of the Social Security dilemma. Given the divergence between Democratic proposals calling for increases in tax revenue and Republican approaches involving structural changes, this compromise remains elusive.The Association of Mature American Citizens (AMAC), in its “Social Security Guarantee” proposal, has recognized the importance of a bipartisan solution and has advanced a framework that the Association firmly believes is the best path to long-term Trust Fund solvency without raising taxes. We encourage you to learn more about AMAC’s proposal and contact your Congressional representatives and encourage their support, as well.
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