Social Security Briefly Takes Center Stage at SOTU - Fox News; AMAC
President Joe Biden momentarily waded into the Social Security minefield at last night’s State of the Union address with an implication that Republican leadership is advocating sunsetting of Medicare and Social Security. His remarks triggered a chorus of dissent from many in the chamber and were tied to earlier comments related to the debt ceiling negotiations currently unfolding in Congress. The implication was attributed to unnamed individuals and served to create a raucous segment within the more than one-hour speech. Fox News reporter Jessica Chasmar, in a post this morning on their website, put this exchange at the top of their list of “Top 5 moments” from last night’s event. Check out her post here.
Left unsaid during the President’s remarks was the simple fact that Social Security and Medicare are both on unsustainable trajectories with, for example, Social Security currently operating in deficit mode and projected to deplete its financial reserves in ten to 12 years. As the program’s trustees have been warning for more than a decade, full evaporation of these trust fund reserves will lead to an automatic cut in benefits–a situation that would wreak havoc on the lives of America’s seniors dependent on the benefit they’ve earned through a lifetime of workforce participation. The President is aware of the need for reform measures that will guarantee the continuity of Social Security and Medicare, indicating in post-midterm remarks that, “I’m open to any good ideas.”
Without question, Social Security reform must be addressed soon, since further delays in shoring up the finances for this critical program will cause corrective actions to become more painful the longer action is delayed. The Association of Mature American Citizens (AMAC) is actively engaged in developing a solution to the Social Security solvency problem, with its AMAC Action subsidiary espousing the organization’s Social Security Guarantee legislative proposal in many quarters of Congress. Read AMAC’s plan here.