Biden: “Improvements” in Social Security Outlook. Really? - Newsmax
The 2022 Social Security Trustees Report published last week spotlighted the additional year added to the timeline for trust fund insolvency, while the Medicare Trustees Report noted a two-year improvement in the projection for insolvency of the Health Insurance trust fund. That would be good news, except for the fact that, absent corrective legislation, it’s also another reminder that both programs face a point in the relative near-term at which their financial reserves will be fully depleted. As most everybody knows, reaching that point means a substantial cut in the programs’ ability to pay scheduled benefits.
With a large segment of older Americans relying on Social Security exclusively for financial support in retirement, and with Medicare playing an increasingly important role in the healthcare for seniors, it becomes hard to look at one- or two-year improvements on the road to insolvency as a good thing. As noted in a post by Newsmax reporter Nicole Wells, “…the programs are on their way to financial insolvency without action to reform them.” In her post, Ms. Wells contrasts the positive view taken by the Biden Administration on the health of these massive senior programs with more pessimistic views from the Committee for a Responsible Federal Budget, and reviews thoughts on actions to reform these senior benefit programs. Read Ms. Wells post here…
Without question, Social Security’s financial problem is a serious issue. The Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.
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