Don’t blame Social Security for the Federal deficit!
Some political figures as well as many arm-chair experts cite Social Security as one of the causes of the continually expanding Federal deficit. While it’s true that Social Security pays out huge sums in benefits each year to over 60 million Americans (43 million of which are retired workers), the reality is that Social Security is a self-funded benefit program that can only pay out as much as it receives in revenue from payroll taxes, interest on investments and taxes on Social Security income. That’s not to say that Social Security doesn’t have financial issues - it plainly does. But to blame the expanding Federal deficit on Social Security is simply wrong, as explained in this Motley Fool article by Sean Williams. 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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.