Another Major Reason to Get Serious About Reforming Social Security
It’s called “the graying of America,” and it’s certainly no secret to most of us. As a population, we’re aging. Just five years ago, 14% of us were aged 65 and older, and that demographic segment is projected to reach nearly a quarter of the population by 2060. And here’s another alarming way to look at it…the median age for Americans in 1970 was 28.1 and had advanced to 37.9 by 2016.
Part of the driving force in this demographic trend is the longer life expectancy Americans are experiencing. Another big factor is what social scientists call the “baby bust”–with the number of newborns in 2018 reaching the lowest point since 2018. These two factors, of course, are generally cited as root causes for the Social Security solvency crisis now being discussed in Congress, and both figure heavily in the quest for changes that will save the program from it’s projected 2035 inability to fully meet its obligations. The consequences are not just related to Social Security though, since Medicare is in virtually the same condition, even worse.
For more on the “graying of America,” check out TheWeek.com staff’s article posted on their website. You can access it here. As many are aware, the Association of Mature American Citizens (AMAC) has been actively engaged in the battle to craft legislation for a long-term solution to Social Security’s solvency issue. Dating back several years, AMAC has been advocating a legislative framework that would guarantee solvency for generations to come, with relatively minor adjustments and additional program provisions to assist future retirees in preparing for the financial realities of retirement. Most recently, AMAC has put forth an updated version of this framework, “The Social Security Guarantee Act of 2017,” a plan that combines the Association’s original platform with selected assumptions taken from legislation introduced by Representative Sam Johnson (R) of Texas and Representative John Larson (D) of Connecticut to achieve what is the best path to long-term Trust Fund solvency without raising taxes. Learn more about AMAC’s Social Security Guarantee plan by vising AMAC’s website.