Is Social Security “going broke”?
As is quite widely known by now, thanks to regular sound bites and articles by self-described pundits, America’s Social Security program is faced with some serious financial issues. The annual report by the Trustee’s of the Social Security program has for several years now warned that unless changes are made to the program, the current $2.9 trillion reserves in the Social Security Trust Fund will be depleted in about 2034, at which time recipients could see their payments reduced by about 21%. Surely not a palatable outlook, but does that mean the program is “going broke”? Well, in this article appearing at Townhall.com, John Stossel is one such pundit who would have you believe, like Chicken Little, that “the sky is falling.” Although Social Security definitely has financial issues which need to be addressed, it is not truly in danger of “going broke” or suffering “coming bankruptcy”. Nevertheless, despite Mr. Stossel’s hyperbole, his article titled “Social Security Fails” serves well to highlight the need for Congress to take action on Social Security’s financial issues soon.
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 John Stossel’s article at Townhall.com, 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.