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How to Reform Social Security
There’s plenty of news these days about Social Security’s looming financial crisis, namely that the Trust Fund will be depleted in 2034, at which time benefits may be cut by about 21%. Alarming news, for sure, but nevertheless news which highlights the need for Congress to act soon to resolve the program’s issues. The problem is, there are lots of ideas – some good and some not so good – on how to fix the program, but arriving at a bipartisan solution seems elusive. In this CBS MarketWatch article by Steve Vernon, the author lays out his opinion of what actions might be taken to fix Social Security, from both the view of how to increase revenue and how to reduced expenses. While some of the actions identified are drastic and others are simply “tweaks”, the article nonetheless stimulates more dialogue and underlines the importance of acting soon to solve Social Security’s financial woes.
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 Steve Vernon’s MarketWatch article about how to fix Social Security, click here.