Discussions on Social Security Insolvency Amp Up– That’s Good. - AMAC & Forbes

Andrew Biggs is an acclaimed expert on Social Security matters. Writing here in Forbes, he assesses a recent debate between MSNBC host Joy Reid and Florida GOP Rep. Byron Donalds on insolvency. That more people are talking about insolvency, now just a decade away, is encouraging. Biggs focuses on this statement by Donalds, agreeing that the first part is accurate: “Let me assure you, if you look at the S&P 500 from 2006 until today, the growth rate in the S&P 500 would more than take care of Social Security, way more than the federal government has.” But Biggs notes that the higher return still cannot return Social Security to solvency over the long term. It will still come down to Congress needing to raise taxes or cut benefits to achieve long term solvency for Social Security. Biggs notes his 2019 findings from a  RAND Corporation survey, where 75% of Americans said they’d rather save more money on their own than to pay more into Social Security in order to boost their future retirement incomes. Full article here.

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits.  AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected 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 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 that Social Security be preserved and modernized 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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