“Judgement Day” on the Horizon for Social Security - Motley Fool
For nearly four decades, the Trustees of Social Security have warned Congress that demographic shifts and especially increased life expectancy will cause Social Security to face financial insolvency – projected, for years now, to occur in the mid-2030s. Congress has reacted largely with indifference for as many years as the Trustees have issued warnings, essentially “kicking the can down the road” for a future Congress to worry about. Given how long so many in Congress serve, they’ve heard the same dire warnings for many years, yet neglected to reach a bipartisan consensus on how to fix the problem. It’s not that they don’t know what needs to be done; rather it’s that both parties refuse to compromise and insist that only their version of reform will be considered. The result? Stalemate. No progress. No reform. And, these days, vows to never allow “cuts” to the program – an attitude which, if continued, will result in a 23% across-the-board cut in everyone’s benefit in about 10 years. All of this is explained in this Motley Fool article by Sean Williams. Click here to read more.
The Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. 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.