How has the Public Been so Wrong About Social Security? - AMAC & Morningstar

John Rekenthaler begins with the 1989 Gallup poll that showed about half of Americans did not expect Social Security to be there for their retirement. His piece notes that everyone who pays into the system, including the youngest, will get benefits one day. Admittedly, they may be lower than anticipated given the program’s long term ill health, but modest reform can shore up the system. Receiving benefits at all is not in doubt. The author’s best line is, “Somehow, research that had raised valid concerns ended up creating turmoil.” He acknowledges yearly reports from The Trustees and others often get magnified to gloom and doom of the program’s demise, when in reality the reports merely point out insolvency, an inability to pay FULL benefits in the absence of congressional reform. Full article here.

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits.  AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research.  One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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 staffs over the past several years.  Read AMAC’s plan here.

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