Debate Developing on Social Security Impacts in Controversial 2020 Budget
Social Security Works and the National Committee to Preserve Social Security and Medicare, both active advocacy groups keeping a watchful eye on federal spending plans, are expressing concerns for the fiscal health of this critical senior benefit program under President Trump’s 2020 budget plan. ThinkAdvisor’s Washington Bureau Chief, Melanie Waddell, reports on these concerns in a post on their website, noting that “President Donald Trump’s just-released 2021 budget plan betrays his promises not to touch Social Security and Medicare.”
Although the budget cuts appear to be focused on reductions in the Social Security Administration’s operating budget and decreased allocations to Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) over a 10-year period, they are feared to represent a reversal of the Administration’s announced overall intent to preserve Social Security funding. U.S. Rep. John B. Larson, author of the Social Security 2100 Act designed to keep the program solvent, also sounded the alarm by calling the proposed budget a “non starter” with respect to Social Security. The Hartford Courant’s Christopher Keating reports on Larson’s comments via a post yesterday on their website.
Read Ms. Waddell’s ThinkAdvisor post here, and Mr. Keeting’s post here. Then, you might benefit from checking out the Association of Mature American Citizens‘ Social Security Guarantee legislative framework proposal now under review in Washington. This proposal would preserve and modernize Social Security, but with the added benefit of avoiding a tax increase. Learn more here…
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