Social Security’s future: Bankruptcy not in the picture, but cuts could be
It’s probably no secret to anyone that Social Security is facing some financial difficulties. That fact has been all over the news, rampant on social media, and the topic of many chain emails floating around the internet. Some of what you hear is correct, and a lot of what you hear is not true. And while “bankruptcy” isn’t possible simply because of how Social Security is funded, Social Security is on the verge of paying out more in benefits than it gets in revenue, which means that the reserves will need to be tapped to pay commitments. This Motley Fool article by Sean Williams diagrams the problems Social Security is facing, and what will happen if the Trust Fund runs dry in less than two decades.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.
Click here to read the Motley Fool article by Sean Williams describing what happens if Social Security’s reserves run dray.
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