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Election 2024 – The Knives are Coming Out
If you’ve checked in on the various debates and Town Halls starring the 2024 presidential challengers, you’ve seen the growing intensity relating to positions on Social Security reform. It’s pretty clear that there are differences of opinion on what needs to be done (or not done, as some advocate). A post by GoBankingRates’ Vance Cariaga outlines the positions of candidates Haley and DeSantis regarding changes to Social Security, and includes speculation on whether candidate Trump will remain steadfast in this claim that “you don’t have to touch Social Security.”
While the debate continues and as the runup to the presidential election unfolds, keep an eye on other sources advancing proposals to address Social Security’s looming insolvency. As an example of the leading thoughts on reforming Social Security, AMAC believes Social Security must be preserved and modernized, and that it can be achieved without tax increases. AMAC’s proposed approach includes slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports raising the thresholds at which benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.