New Report: Social Security Trust Fund Depletion Could Be Even Earlier

The Social Security Trustees Report predicts promised benefits can be paid until 2034.  At that time automatic, across the board cuts for all of 21% would have to be applied, unless Congress acts sooner to shore up the program’s finances.  The nation’s growing debt, which is predicted to be a drag on the future economy and yield lower GDP growth and a shrinking tax base, was not figured in the Trustees’ analysis, however.  Using a model that incorporates macro-economic forces, a separate Penn Wharton report projects the Social Security trust fund will be depleted two years earlier, in 2032.  As the Penn Wharton model’s managing director of legislation and special projects, states, “Basically, with less investment there is less output and therefore less work and less wages to tax.”  Read full article here.  The Association of Mature American Citizens (AMAC) is advocating 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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