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Must-Read Biden Quote on Social Security
Christy Bieber notes President Biden has been busy pushing legislation and signing executive orders but has been absent on pushing reform for one very critical program that sorely needs it– Social Security. Bieber focuses on this quote from his 2020 convention speech: “For our seniors, Social Security is a sacred obligation, a sacred promise made they paid for.” Biden has done little more than suggest imposing payroll taxes on incomes above $400,000. Currently, taxes are only collected on wages up to $142,800, the “wage base limit” for 2021. Much more would have to be done to stave off insolvency and the across the board cuts all face in about a decade. Full article here.
AMAC’s Social Security Guarantee is designed to preserve and modernize the program without raising taxes on workers. One component is Social Security PLUS, a voluntary companion benefit (not privatization of the main program) that would allow all workers to have more money in retirement. See the full plan 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.