The Committee for a Responsible Federal Budget Analysis of the 2020 Social Security Trustees’ Report
The Committee for a Responsible Federal Budget released its analysis of the 2020 Social Security Trustees’ Report, noting that Social Security faces a precarious and worsening financial situation–even before accounting for the current pandemic. The Social Security Trustees excluded the adverse effects of the current economic and public health crisis, although they continue to warn that the program is significantly out of balance and only has 15 years from insolvency. Read the full analysis click here…
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC supports a bipartisan compromise, “The Social Security Guarantee Act,” taking 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 new, voluntary plan that would allow all earners to have more income available 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 many congressional offices and staff over the past several years. Read AMAC’s plan here.