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New Debate on Social Security’s Trust Funds. How exactly is Social Security financed? - CNBC
Lorie Konish for CNBC points out that new leadership in Washington will be taking on the dilemma of how to fix the program. Senator Mike Lee of Utah renewed questions on how the program is funded. Lee criticized the way money is held in a “trust fund”. Charles Blahous, former trustee for Social Security was quoted as saying “Acting like everything is find and that we can just ignore if for a few years would not serve the public well.” Read here…
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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