Some proposals to strengthen Social Security - CNBC
The Social Security Trust funds will be able to pay scheduled benefits on a timely basis until 2035. At that time, the combined funds’ reserves will become depleted, and continuing tax income will be sufficient to pay 80 percent of scheduled benefits. With less than 13 years until the depletion of the Trust Funds, some members of Congress have recently reintroduced legislation to strengthen Social Security. Representatives Mazie Hirono of Hawaii and Ted Deutch of Florida reintroduced their bill, the Protecting and Preserving Social Security Act. The bill would extend the depletion date to 2052 and reduce the federal deficit by about $12.3 trillion. Rep Peter DeFazio of Oregon introduced the Social Expansion Act in June, the companion legislation introduced by Sens. Bernie Sanders of Vermont and Elizabeth Warren of Massachusetts. Another bill, Social Security 2100: A Sacred Trust, was reintroduced by Rep. John Larson of Connecticut back in October. Lorie Konish gives a high-level review of the plans to extend Social Security Trust fund solvency. Read Ms. Konish’s article here…
On the issue of Social Security’s future, 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.
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