Sobering View of Social Security’s Future - Congressional Budget Office
The Congressional Budget Office (CBO) regularly takes measure of Social Security’s financial outlook – as do the Trustees of Social Security – with CBO’s approach usually somewhat more conservative in predicting when Social Security will become unable to pay full benefits. In this latest report from the CBO, they predict that, without Congressional action to reform the program, the Social Security Trust Funds will be fully depleted in 2032, one year earlier than the date predicted by Social Security’s Trustees. Even more sobering is that if full depletion is allowed to occur, everyone’s Social Security benefits will be cut by 25% “across the board.” If there was ever any doubt that Congress needs to act soon to prevent millions of Americans from slipping into poverty, this CBO report should dispel those doubts. It’s a fact – Congress needs to stop kicking reform of Social Security down the road and act now to restore the program to full solvency – it’s imperative! Click here to read the latest CBO predictions, and don’t hesitate to call your Congressional Representative to demand reform of Social Security, our nation’s most important retirement insurance program.
For its part, the Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security.