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.