Editorial: Make changes now to rescue Social Security from imploding
This editorial from The New York Post addresses the fact that there was more bad news, at least in the longer term, for Social Security, than good in last week’s report from the Trustees. The writers feel that lawmakers shouldn’t kick the can until insolvency is about to hit in 2034. They argue for negotiating a curb at least on the growth of benefits and note hiking the retirement age is inevitable. Further, means-testing is something Democrats and Republicans can agree on. The editorial is dead set against expanding benefits, as many Democrats, including several 2020 presidential wannabes, are advocating. The editorial also is against increasing taxes, as that would just slow the economy. Read the entire piece here.
The Association of Mature American Citizens (AMAC) 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 advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new yet voluntary early retirement 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 a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.