Op-ed: We don’t have 10 years to think about Social Security’s insolvency problem - Chicago Tribune & AMAC
Brenton Smith, policy adviser for the Heartland Institute and frequent writer on Social Security issues, states, “The passage of time is financial cancer to Social Security.” Smith recaps what a decade or more of both political parties doing nothing has meant and continues to mean for Social Security’s finances. He explains the 23% cuts coming for all in 2033, but his key point is that we do not have 10 years to think about a solution. As an example, the Social Security Administration expects someone turning 79 today to live long enough to feel the impact of these changes. 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 slight modifications to cost of living adjustments and payments to the highest income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC’s plan also increases the threshold where benefits are taxed and then indexes for inflation, and the plan eliminates reducing people’s benefits for those choosing to 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.