Social Security is on voters’ minds: they do not want cuts - CNBC & AMAC
Perhaps it was recent news about President Trump seeking to defer payroll taxes for employers. Whatever it is, Social Security is definitely on the minds of voters as it has not been in recent elections. Lorie Konish of CNBC explores the results of a poll conducted by Data for Progress, a progressive think tank. Results show that protecting Social Security ranked among the top answers, with 54% of respondents, when they were asked to pick their top three priorities for the 2020 election. Read the full article here to see what else voters are concerned with in the upcoming election.
The Association of Mature American Citizens (AMAC) believes 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.
What does Biden have to say or do about this
Mary:
Thanks for the question! In reality, President Biden’s viewpoints on this issue have nothing to do with the posted article. Rather, the article presents an analysis of the concerns on the minds of voters as they prepared to cast ballots in the 2020 presidential election. As the CNBC article reports, Social Security’s future, and specifically the need to prevent future benefit cuts, was selected as the most important concern for voters. The financial problems facing Social Security were substantial in 2020, and are even more pressing today, but no congressional action has been taken to address the problem that has been well known for decades. We’re now about six years from the benefit cuts about which voters were concerned in 2020, and Congress appears to be finally waking up to the problem’s severity, with the 2026 Social Security Trustees Report placing a fine point on the almost $30 trillion shortfall projected for the program.
It’s important to know that many organizations have developed proposals to guide Congress in crafting a solution, and the Association of Mature American Citizens (AMAC) is one such organization. Read AMAC’s proposed solution on their website: AMAC.us/social-security-guarantee. I welcome the opportunity to discuss any questions you have on this plan.
Thanks again for the question.
Gerry Hafer, Social Security Advisor
AMAC Foundation
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