Lawmakers consider Social Security 2100 Act - AMAC & Fox Business
Erika Giovanetti of Fox Business News reports on Rep. John Larson’s (D-CT) bill, The Social Security 2100 Act. All 195 signatories on the proposed legislation are Democrats, and bipartisan support seems unlikely given how the bill greatly enhances benefits but does little to achieve the solvency the program desperately needs. The bill would only add four years, from 2034 to 2038, to the solvency of Social Security. It would increase benefits for all beneficiaries by an average of 2%, improve the COLA formula, repeal the Windfall Elimination Provision, increase the minimum benefit to 25% above the poverty line to protect low-income workers, apply the current payroll tax to wages above $400,000, improve benefits for widows, extend dependent benefits, provide caregiver credits, and end the 5-month waiting period to receive disability benefits. Read the full piece and analysis here.
The Association of Mature American Citizens (AMAC) has been critical of bills like this that are more akin to welfare than rescuing this vital program. 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.