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Fixing Social Security, and the “Generational Imbalance”
Social Security has taken the spotlight in this election year, with candidates promising either to leave the system alone and not cut benefits, or to greatly expand benefits and levy new payroll taxes to fund the expansion. Amid all the hyperbole lies a reality - both raising taxes and cutting benefits are politically unpopular options which will face a difficult time when trying to get the Congressional consensus needed to actually make those changes. In this Forbes opinion piece by contributor Andrew Biggs, much of Social Security’s problem can be placed at the feet of today’s “baby boomers” who are loathe to accept either higher taxes or a cut in benefits. But, according to the article, a combination of both is probably on the horizon and seniors will simply have to deal with that reality.
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.
To read the Forbes article on the “generational imbalance” 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.