Social Security Insolvency: 2031 Says CRFB - MSNBC, AMAC
The Committee for a Responsible Federal Budget last week projected the point of exhaustion for Social Security’s Trust Fund reserves will arrive by 2013, according to CNBC Personal Finance Reporter Lorie Konish. Ms. Konish, in a post on cnbc.com, cited the economic impact of the COVID-19 pandemic as a reason for the insolvency date change from 2035, and stressed the gravity of the overall problem in light of Social Security’s continuing inability to protect seniors from inflation. Confirming observations expressed by other economic forecasters, she notes that ” … there may be no annual increase to benefits for 2021 based on decreasing consumer prices.” Read Ms. Konish’s post here…
The Association of Mature American Citizens (AMAC) is tuned in to this impending crisis, and is steadfast in its belief Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.