Concerns Expressed Over “TRUST” Act - cnbc.com
Advocates for Social Security expansion have voiced concerns about the recently introduced “Time to Rescue United States’ Trusts (TRUST) Act” (see yesterday’s headline post on this site), suggesting that the approach outlined in the ACT’s design could bypass the normal legislative processes and omit open hearings that would bring the views of outside witnesses into consideration. In an article posted on cnbc.com by personal finance reporter Lorie Konish, issues raised by the National Committee to Preserve Social Security and Medicare addressing the absence of transparency are cited, along with observations about the urgency of corrective measures. On this latter point, Shai Akabas, director of economic policy at the Bipartisan Policy Center, observes that “(t)he longer changes are put off to improve the system’s solvency, the more dramatic any improvements will have to be.” Read Ms. Konish’s piece here…
As visitors to this site are well aware, the Association of Mature American Citizens (AMAC) has long been engaged in the fight to preserve and modernize the Social Security system. Specifically, AMAC’s position is that this can be achieved with no tax increases by changing cost of living adjustments, the retirement age and delayed credits, and making relatively slight adjustments to the benefit calculation formula. AMAC has advanced a proposal for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by the late Rep. Sam Johnson (R-TX) and current Rep. John 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 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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