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Social Security Reform: Where are the Plans? - Reason; AMAC
Reason reporter Eric Boehm, in a post on their website, raises the concern that neither of the likely most likely next presidents has a plan to address the very real Social Security solvency problem. As Boehm points out, both candidates have pledged to block any attempts to change Social Security, a position that is “effectively a promise to keep the entitlement trains running full-speed down a dead-end track.” Read his post here.
What’s really needed, of course, is careful evaluation of the many proposals introduced in Congress to address the long-term problems facing Social Security, along with bipartisan compromise, and this is needed quickly. The longer it takes to achieve a resolution, the more traumatic the “fixes” will need to be. Considering the future, keep in mind that the 118th Congress, like many of the preceding congressional sessions, continues to see proposals to reform Social Security in the face of the insolvency dilemma.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost-of-living adjustments and payments to high-income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexed for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade. Learn more about AMAC’s position (its Social Security Guarantee) here.