Experts: Social Security Reform Not in “Foreseeable” Future for Biden Administration
Yes, it’s an urgent and important matter. Yes, the roof is leaking. Yes, the reserves will be depleted soon. No, it won’t bubble to the priority surface anytime soon. These are the sentiments of several experts The Steet’s Robert Powell references in his post titled “What Will President Biden Do to Social Security and Medicare?”
Powell’s post, in addition to describing the severity of the Social Security solvency issue and the prospects for an across-the-board benefits cut, explains the components of the Biden Administration’s plan to deal with the funding problem. But the question, of course, is when? He offers this quote from Rob Gebhardstbauer, the immediate past chair of the American Academy of Actuaries’ Social Security Committee as a barometer of expected urgency, “Social Security may not be high on the list at the moment.” To be sure, there are more than a few extremely critical issues facing the new administration, most notably the COVID-19 pandemic, the economic relief mandates, and the U.S. economic recovery in general. And on top of all that is the standard recognition of Social Security as the “third rail” in politics–a moniker that makes it easy to de-prioritize the implementation of a solution. To read Powell’s post, which presents the Biden administration’s detailed thoughts on taxes and benefits, click here…
The Association of Mature American Citizens (AMAC) has been aggressively advocating for a solution to the solvency issue for nearly a decade, and has been resolute in pursuit of acceptance for its Social Security Guarantee, a legislative framework designed to ensure the program’s solvency for generations to come. One of the hallmarks of the AMAC plan is its resolution of the funding shortfall without calling for a tax increase or substantial benefit reductions for those who need the retirement income support the most. Further, in a move to modernize the program, AMAC’s plan includes a companion piece–Social Security PLUS–designed to assist workers in building wealth over time to help shore up their retirement financing. To review AMAC‘s Social Security Guarantee, click here.