Social Security Change Supported By All But 1 Candidate
Sean Williams explains how Social Security is and will run deficits from this year (2020) through 2035 when all project past reserves will be exhausted. Across the board cuts of 23% for all will occur without reform before then. A popular idea is raising the payroll tax cap above the current $137,700. Polls show the public supports it, and all Democrat candidates support the concept. President Trump does not. Williams does point out that benefits are also capped and to raise taxes without raising benefit payments to the upper incomes could smack of unfairness. Some argue it makes Social Security more like welfare. Rad his full piece here.
The Association of Mature American Citizens (AMAC) understandsSocial Security must be preserved and modernized. The program is still stuck in a time when age 62 meant you had three years left to live, as life expectancy was age 65 when the law took effect. It’s now 85. Families are having fewer children than decades ago. Any “head in the sand” approach by any organization or politician or voter simply means accepting everyone’s benefits being slashed over 20% across the board automatically when the trusts funds are depleted in just over a decade. There is time to implement AMAC’s Social Security Guarantee without raising taxes on workers, but the window may be closing to achieve that. View the plan at https://amac.us/social-security/