Bipartisan Social Security Fix May Fall Victim to Old-fashioned Politics & Partisanship
Laura Litvan summarizes what the U.S. Senate has been working on regarding Social Security reform to stave off the 20% or greater automatic cuts to all that are coming in a decade. She quotes GOP Sen. Mike Rounds of South Dakota: “If the folks who are running for president are going to take the attitude that this is a ‘third rail’ issue and they’re trying to use it for political purposes, then we can’t fix Social Security at this time. It’s going to take an adult running for the White House to get this done.” But the candidates are but one obstacle, as President Biden himself appears totally unwilling to engage on the issue despite repeated attempts by GOP senators to schedule fact time with him, though White House staffers have held a half-dozen meetings with Sen. Bill Cassidy (R-LA) and Sen. Angus King (I-ME) and their aides. Cassidy and King are leading the reform efforts in that chamber. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with a great many congressional offices and their staffs over the past several years.