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COVID-19 to bring Social Security’s day of reckoning closer than we thought
Paul Brandus of MarketWatch is out with an opinion piece suggesting what a number of experts are now beginning to say, namely that the current pandemic will move up the insolvency date of the Social Security program, originally pegged at 2034-2035. While it is still too early to know the full scope of all of the lost payroll taxes for 2020 and thus its full effect on the Social Security Trust Fund, Brandus quotes more than one expert on the issue, suggesting across the board cuts of around 25% for all will now occur in 2033. Read his full op-ed here.
The Association of Mature American Citizens (AMAC) has been sounding the alarm for years and believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC supports a bipartisan compromise, “The Social Security Guarantee Act,” taking 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 new, voluntary plan that would allow all earners to have more income available 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 many congressional offices and staff over the past several years. Read AMAC’s plan here.
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