Social Security Report

Mike Pence: Social Security Reform Needs to be Addressed Long Term - USA Today

Let’s look at the options for Social Security’s future:

1. Do nothing, let the Trust Funds run dry, and cut benefits for everyone by about 23% (that’s what happens if the Trust Fund’s have no assets in 2033-2035).
2. Make workers earning over $400,000 pay additional Social Security taxes from their paychecks (President Biden’s proposed solution).
3. Reform the program to align it with today’s changed demographics – people are now collecting benefits for decades, and the number of beneficiaries is growing faster than workers supporting it.

Essentially, those are the choices, unless you want to simply increase every worker’s Social Security payroll tax by about 9% (which is not being seriously proposed by anyone). Of course, option number 1. above isn’t a realistic option because it would cast millions into poverty. Option 2 would only add about 5 years to Social Security’s solvency. But anyone who suggests Number 3 (program reform) is met with a cacophony of accusations that they want to “cut” benefits for all America’s seniors (untrue). But which of the above three options makes the most sense to you?

The media is all abuzz, and progressive politicians are piling on, now accusing Mike Pence – a potential 2024 presidential candidate – of wanting to cut Social Security benefits for seniors due to comments he made earlier this week, thus perpetuating the media narrative that the GPO wants to cut benefits for everyone. In reality, all Pence did was explain that Option 3 above – program reform to align it with today’s demographics – will need to be considered in the long term to restore America’s most important retirement program to solvency and avoid future cuts. USA Today’s Phillip M. Bailey offers coverage of Mr. Pence’s comments in this article, which closes with Mike Pence’s fundamental statement: “The first job is to be straight (about the problem), the second job is get everybody at the table.” Click here to read more.

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.

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