Biden Has the Edge Over Trump on Social Security - AMAC & The Motley Fool
Election Day is now less than four weeks away. Americans have been sounding off, and 63% of them feel confident in the future of Social Security if former Vice president Joe Biden, is elected, but only 44% feel confident if President Donald Trump is reelected. Among people age 60+, 59% feel confident in the future of Social Security if Biden wins compared to 43% for Trump. This is according to a recent September survey by Simplywise. The confidence gap for Trump appears to be his recent talk and actions related to the payroll tax, the primary funding source for Social Security. While the temporary tax deferral would have had no impact on the program, Trump has mused openly more than once about permanently repealing this tax in a second term. That scares a lot of folks, even though the president talked about replaced the revenue stream with general tax revenues. Read the full piece by Dave Kovaleski of The Motley Fool here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. 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 well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available 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.