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Myth: Congress spends Social Security funds on whatever it chooses

Kudos to Sean Williams of The Motley Fool for taking on such a widely held misnomer that Congress uses Social Security surpluses as its own personal “piggy bank”.  In three words, it’s patently untrue.  Williams explains how excess Social Security funds have been held by the federal government and how these funds are now being used to continue paying full promised benefits, even though the program is and will run a deficit from 2018 through 2034.  The real blame lies with Congress for its inaction of the past two decades regarding the looming insolvency coming in 2034 or sooner.  Democrats back raising taxes, and Republicans back raising the retirement age.  Both can address the insolvency issue, and Williams believes a little bit of each, a compromise, would be the best possible outcome.  Read the full piece here.

The Association of Mature American Citizens (AMAC) advocates for a strengthening of Social Security and has developed a bipartisan compromise bill, titled “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merging them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…

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