Spotlight on Social Security Insolvency - Columus Telegram
The future of Social Security has been a topic of media anxiety for years now, with each annual financial report from Social Security’s Trustees launching a new round of hysterical commentary. Make no mistake – Social Security is, indeed, in need of reform to avoid an across-the-board cut in benefits in little more than a decade. That’s what will happen if Social Security’s Trust Funds, now flush with about $2.8 trillion in reserves, is depleted in the mid-2030s. This article appearing in the Columbus (NE) Telegram expounds on the dilemma, but focuses largely on the point that a currently proposed bill to eliminated the Windfall Elimination Provision (WEP) would only exacerbate Social Security’s financial problem. That is true, but the article also suggests that raising the Social Security tax on American workers would largely solve Social Security’s financial problem, which isn’t true. The fact is that much broader Social Security reform is needed to restore Social Security to solvency for many generations. Congress already knows that Social Security reform is needed and what the potential changes should be but has, thus far, neglected to garner the bipartisan cooperation needed to achieve a realistic solution. Click here to read the Columbus Telegram article by Keith Speights.
Click here to review a proposal by the Association of Mature American Citizens (AMAC) to restore Social Security’s financial issues without raising taxes on American Workers.