Social Security is running out of money
An op-ed in the Las Vegas Review-Journal advocates for Democrats in Congress to shore up Social Security rather than focusing only on infrastructure. July figures from the Congressional Budget Office suggest the trust fund will now deplete all reserves in 2032, a mere decade away. The op-ed states, “Democrats seem determined to push through a $3.5 trillion spending package that could explode inflation and the debt.” The piece notes benefit cuts over 33% are in store for all beneficiaries absent a fix. Fixes could include benefit reductions, tax increases, or combinations of the two. Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. 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 research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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.