Biden & Trump trade accusations on Soc Sec cuts; who’s right?
Holmes Lybrand of CNN tries to get at the accusations that Donald Trump and Joe Biden are leveling at each other about Social Security cuts. As always, context is needed. He notes Joe Biden has supported many proposals to try to reign in Social Security spending decades ago but has also consistently advocated for increases as well as he is again doing in 2020. For Trump, confusion was the order of the day when it came to his recent executive order of a payroll tax deferral and then the idea of elimination of it altogether, if reelected. Of course only Congress can change the law which governs retirement ages and benefit formulas and cost of living increases. Read the perspective in the full piece 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.
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