Biden Administration Spending Plan Has One Common Denominator: Social Security
Writing on thehill.com, Douglas Carr, a financial markets and macroeconomics researcher with experience as a think tank fellow, professor, executive and investment banker, takes a look at what could constitute a spending wish list for president-elect Joe Biden, suggesting that there may be little room for agreement with a Republican Senate. With one major exception, that is–the Social Security insolvency problem. As Carr points out, Biden’s preliminary thoughts Social Security generally focus on benefit expansion offset by increased tax revenue, although the provisions would not alleviate the long-term fiscal imbalance pegged by the Social Security Trustees at $16,8 trillion.
So, what’s the game plan? Carr’s assessment sums the situation up in this manner: “While neither party will get all it wants, and each party must swallow hard on some provisions, bipartisan agreement is inescapable for significant Social Security reform. Combining the parties’ proposals is the best outcome for participants.” The Association of Mature American Citizens (AMAC) could not agree more on the criticality of a bilateral solution, and has advocated for such a course of action for many years. In fact, AMAC’s position on Social Security reform is evidenced in its Social Security Guarantee, a legislative framework that takes selected portions of bills introduced by the late Rep. Sam Johnson (R-Texas) and Rep. John Larson (D-Conn.) and merges them with the Association’s original and current research to create a compromise that would ensure the program’s solvency for generations to come. AMAC representatives continue to focus on their mission to get the attention of lawmakers in Washington, capitalizing on opportunities to meet with many, many congressional offices and their legislative staffs over the past several years to share thoughts on the issue.