The Insecurity of Social Security
All experts and Social Security scholars agree that the COVID-19 pandemic will worsen the already difficult financial situation Social Security is faced with in the not-too-distant future. Even before the coronavirus hit the Trustees were projecting that, with expenses now exceeding revenue, the Social Security Trust Funds would run dry in 2035, precipitating an across-the-board cut in benefits. Although the true impact of the coronavirus isn’t yet known, some experts are suggesting that date could be moved back to as early 2029, which would spell trouble for those who rely heavily on Social Security. Of course, Congress is well aware of this looming problem but, so far, has not demonstrated the bipartisan cooperation needed to arrive at a solution. The potential fixes are known, and perhaps the impact of the pandemic will stimulate Congress to act sooner, but that remains to be seen, as discussed in this WSAW-TV article by Kyle Midura. Click here to read more.
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.