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The Debate on Reforming Social Security Continues - Pensions & Investments
Almost seems like the old movie “Groundhog Day,” where the same day was relived over and over again. Yesterday Congress discussed the latest Social Security reform proposal – The Social Security 2100 Act recently introduced by Rep. John Larson (D-Conn). Proposals for Social Security reform have been introduced in almost every Congress for at least a couple of decades, with just about zero progress ever made. Since Democrats now control both the House and the Senate, it’s conceivable that this time it may be different, but make no mistake – the current reform proposal is in no way a bipartisan approach. The proposal, fairly similar to previous years, calls for modest benefit increases and some general “tweaking” (such as changing how COLA is calculated), but also calls for increased Social Security taxes on American workers. Interestingly, it doesn’t at all address a root cause of Social Security’s current financial woes – beneficiaries are now living many years longer (and collecting benefits for many years more) than they did since the last SS reform in 1983. Nevertheless, it’s encouraging that Congress is starting to realize that “the time for procrastination is over” (to quote Rep. Larson). All of this is discussed in this article by Brian Croce appearing at Pensions&Investments website. Click here to read more.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee, which restores Social Security to solvency without raising payroll taxes. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC’s Social Security Guarantee, click here.