Could Monetary Tightening by the Federal Reserve Help Social Security Program?
Why is Social Security so important? According to the Social Security Administration, each month nearly 62 million people receive a benefit check from Social Security. Around 171 million workers are on track to receive some retirement income. Additional, around 90 percent of workers are protected in the event of a long-term disability and approximately 96 percent of workers aged 20 to 49 have survivors insurance protection.
In the 2017 report from the Social Security Board of Trustees, they warn that a complete depletion of the Trust’s assets reserves could lead to an across-the-board cut to current and future retiree benefits of up to 23 percent in order to keep the program solvent though the year 2091. In Sean William’s column, he explains how Social Security is funded and how the recent monetary tightening should incrementally help Social Security program. Read his column here…
AMAC has crafted a proposed legislative framework designed to ensure Social Security’s solvency without increasing taxes, and is advocating for its consideration in Washington.