Social Security’s Worsening Immigration Problem
Put immigration and Social Security in the same sentence and most people would say something like, “If it weren’t for all the illegals collecting Social Security, there wouldn’t be any problem.” But, alas, illegal aliens cannot collect that benefit. Sean Williams argues we have too little legal immigration, and that is worsening the insolvency issue for Social Security. Net-legal immigration has been declining for 25 years. Since 1998, the net migration rate into the U.S. has fallen every single year, and is down by an aggregate of 57%, according to United Nations data. Williams says, “Most people legally migrating to the U.S. tend to be younger, which is an extremely important point. These are people who will spend decades in the labor force contributing to Social Security via the payroll tax.” Full piece 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.