Op-ed: Time To Be Honest About Social Security - AMAC & Newsweek
James Lockhart, Senior Fellow at the Bipartisan Policy Center and former Principal Deputy Commissioner of Social Security explains Social Security’s insolvency problem. He is critical of President Biden and former President Trump for ignoring the issue, noting neither would be in office in 2033 when the automatic benefit cuts are due to occur in the absence of reform. Lockhart notes too that there have been no public trustees since 2015. He advocates for the Bipartisan Policy Center’s Commission Report, which he co-chaired with former Senator Kent Conrad (D-ND). It would increase benefits for lower-income retirees and survivors, but slow the growth of benefits for higher-income retirees by increasing the retirement age, improving the benefit formula, and using a better inflation index. That Report also proposes that FICA taxes be raised by a total of 1 percentage point over 10 years and the level of earnings on which payroll taxes are levied (currently $160,200) be raised. Full op-ed here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. 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 a great many congressional offices and their staffs over the past decade. See it here.
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