Social Security and the Debt Ceiling Argument - 247wallst.com
Douglas A. McIntyre, co-founder, chief executive officer and editor-in-chief of 247wallst.com sounds the alarm for Social Security in the midst of negotiations on the nation’s debt ceiling. In his post, which you can read in full here, McIntyre suggests that failure to resolve the issue by mid-January would put this massive senior support program in jeopardy. His post, however, goes on to explain the horizon for Social Security’s hazardous position, pointing out that the actual impact on beneficiaries is about 10 years in the future, when the program’s reserves reach full depletion and payments will be forced to revert to a cash basis.
Despite the decade-away solvency problem, though, McIntyre is correct that Social Security is likely to get substantial attention in the 118th Congress. Hopefully, this attention will focus on a resolution of the program’s long-term solvency problem, a problem that many organizations have weighed in on with viewpoints and, in some cases, actionable plans to achieve correction. The Association of Mature American Citizens (AMAC) is one of those organizations, having advanced its Social Security Guarantee as a practical solution to modernizing the program in a fashion that does not call for increased taxation on an already heavily taxed workforce. For more information on AMAC’s plan, visit their website. Also, check out this recap of the AMAC plan appearing on Fox News’ “The Next Revolution” program Sunday evening.