Don’t Blame Coronavirus for Social Security’s Woes
What with the news being dominated by the Coronavirus and the COVID-19 disease, and with various media pundits speculating on how Social Security will be hurt by the pandemic, it’s important to keep this in mind: Social Security was known to be in trouble long before the virus which causes COVID-19 even existed in humans. For years now, the Social Security Trustees have forecast that Social Security will soon be paying out more than it takes in, which means that financial reserves in the SS Trust Fund will need to be drawn down to pay full benefits. The Trustees’ latest report predicts the Trust Fund reserves will run dry in 2035, which will mean a 21% across-the-board benefit cut unless Congress takes some action soon to resolve the issue. While it’s possible that unemployment during the pandemic could move that 2035 date in a little closer, the coronavirus isn’t the real source of Social Security’s financial issues, as explained in this Motley Fool article by Maurie Backman. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.
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