Biden’s 2023 budget on Social Security- more for field offices; nothing on solvency - AMAC & CNBC

Lorie Konish of CNBC writes about president Biden’s 2023 budget as it pertains to Social Security. It includes $14.8 billion for the agency that administers the program, a 14% increase over 2021. Most of the new funding is for service improvement after the agency’s challenges from the ongoing Covid-19 pandemic. Progressives looking for a bump in benefits will be disappointed. But more importantly, the vast number of watchdog, lobby, and senior advocacy groups that have been sounding the alarm about Social Security’s impending insolvency will find nothing here to improve that. Benefits will ABE slashed across the board by over 20% in just over a decade. Full article 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.

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