The fallacy of Presidential candidates’ Social Security plan
As part of their campaign promises, Presidential candidates Bernie Sanders and Elizabeth Warren are proposing significant increases in Social Security benefits for all beneficiaries. According to the candidates, their proposals are based upon a principle that it’s too hard for seniors to save for retirement, so expanding Social Security should be done as a way to compensate. Many of their colleagues in Congress have jumped on that “expand Social Security” band wagon. Putting aside that expanding benefits seems to be in diametric opposition to Social Security’s looming financial issue, it appears that the data upon which the candidates base their proposals are flawed. In this Forbes article by contributor Andrew Biggs, the author explains why the candidates proposals miss the mark, and what the true data reveal about seniors ability to save and their reliance on Social Security, concluding that expanding Social Security shouldn’t be a priority at all.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. 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.
To read the Forbes article by Andrew Biggs, click here.