Bad News: Social Security is Slowly Running Out of Money - AMAC & The National Interest
It’s something no one wants to hear or even talk about. But just because it is ignored, rest assured President Biden and every member of Congress and their key staffers know about Social Security’s insolvency problem. Payments are larger than the take in taxes in 2021, and it is slowly but surely running out of money. The Congressional Budget Office released a report on Social Security’s long-term viability this month, concluding that it will run out of money by 2032 if the problem is not addressed. Trevor Filseth writes for The National Interest, and his full article is here.
The Association of Mature American Citizens (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.