Is Biden Looking at Social Security Reform as a Legacy? - CNBC.com
At least one prominent voice has raised the possibility that Social Security might evolve as a legacy of Joe Biden’s presidential tenure. Although Social Security reform is not high on the early priority list for the new administration, action on several important fronts appears to be gathering momentum, with legislative initiatives like Rep. John Larson’s (D-Conn.) Social Security 2100 proposal and Bernie Sanders’ (I-VT) Social Security Expansion Act seem to be bulding visibility. Since both measures place emphasis on benefit increases funded by tax increases, it’s clear that the necessary bipartisan cooperation could be obstacle-ridden as deliberations unfold.
In any event, action on Social Security’s looming insolvency make it imperative that corrective action be taken, and soon. Most know that the latest Social Security Trustees Report projected the year 2034 as the point where the program’s cash reserves become fully depleted and an across-the-board benefit reduction becomes a reality, but many informed sources are also noting that the COVID-19 pandemic and its economic devastation will likely bring this point years closer. In other words, time is steadily running out for a corrective move. It’s not a self-correcting situation, and the longer action is delayed, the more severe the consequences could be.
Jason Fichtner, a fellow at the Bipartisan Policy Center and former Social Security Administration official, recognizes both the criticality of the problem and the opportunity Joe Biden has at hand. In a post on CNBC.com by personal finance reporter Lorie Konish, Fichtner offers this suggestion, ““I am hoping that President Biden might look at least after the midterms in 2022, going into 2023, of trying to secure a legacy for himself and that would be Social Security reform.” Read Ms. Konish’s post here…
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Social Security reform has been due for decades but what really gets to me is that these politicians are not serious about fixing the problem Social Security recipients been left out in the cold by both administrations within our government especially for those recipients on SSI that are forced into poverty out of no fault of their own are suffering especially through this Pandemic many people on SSI can’t even get married worrying about losing their benefits do you know that SSI recipients get 800 dollars a month that is way below the poverty line but still lawmakers are more interested in providing stimulus payments for people that earn 150.000 dollars a year I am very disappointed with President Biden the Pandemic relief doesn’t target the needed furthermore the President has let down many of his strong supporters yes this is the typical lying politician I don’t feel optimistic at this time because theirs a lot of insecurity when it comes to the future.
Irving:
Thank you for your comments. AMAC, the Association of Mature American Citizens, is actively advocating for a reform of Social Security primarily to mitigate the impending solvency issue. Although your comments are mostly focused on Supplemental Security Income (SSI) rather than Social Security per se, we will pass your message on to AMAC’s advocacy arm, AMAC Action, for consideration.
Gerry Hafer
AMAC Foundation, Inc.