Testimony on Social Security’s Finances
Phillip Swagel, Director of the Congressional Budget Office, testified on April 26th about his agency’s projections of Social Security’s finances before the House Ways and Means Committee’s Subcommittee on Social Security. Swagel noted the significant financial challenges facing the program. Economic uncertainty regarding growth in the overall economy is one factor that could delay or hasten the insolvency date of 2033. Full report here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with a great many congressional offices and their staffs over the past decade. See it here.