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Bipartisanship for Social Security Reform? Exactly what is needed! - Bipartisan Policy Center
In my lifetime, I don’t recall ever seeing a Congress more divided on some of the most fundamental American principles. These days it appears that whenever any idea is floated on one side of the Congressional aisle, the reaction from the other side of the aisle is automatic opposition. Case in point: several previous proposals attempting to address the looming 2032 insolvency of our Social Security program, which seem to have died from old age.
Against this background, it is especially noteworthy when true bipartisanship is demonstrated in the halls of Congress. Such is the case for the recently proposed “PROMISE Act” – proposed legislation to create a Congressional procedure to produce and consider legislation to ensure the long-term solvency of Social Security’s trust funds. This bill (S.4979) enjoys the support of several prominent senators from both sides of the Congressional aisle – Republicans and Democrats – who genuinely place the future of American seniors first. All of this is clearly outlined in this fact sheet from the Bipartisan Policy Center. Social Security needs reform NOW, and Congressional bipartisanship is the only way that will happen!
As an example of leading thinking on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to serve future generations. AMAC’s position is that this can be achieved without payroll tax increases through relatively minor program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating initial benefits for higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) changing the taxable maximum formula to address the unintended loss of revenue; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. 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 many congressional offices and staff over the past decade. See AMAC’s proposal for Social Security reform here.