Social Security & The Presidential Candidates
Precious little has been said on the campaign trail about Social Security this season, and the debate moderators have shied away from questions on the topic. This MarketWatch piece by Alessandra Malita provides a comprehensive overview and summary on where the candidates stand, including a valuable chart detailing their positions. Bernie Sanders and Elizabeth Warren support the most benefit and tax increases, and Mike Bloomberg and Andrew Yang the fewest of each. All the Democrat candidates are united in opposing benefit cuts of any kind, including less generous cost of living adjustments, lower benefits for high income earners, and raising the full retirement age. But something has to give, as the program is headed for insolvency with 20-23% benefit cuts slated for all in just over a decade. Even in the face of this prospect, nearly all propose increasing benefits and increasing taxes as part of their Social Security platforms. The Trump Administration has been mum on any changes to the program. Read the full article here.
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.
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