The myths of Social Security Trust fund - The Dallas Morning News
Will social and legacy media outlets be the downfall of the Social Security system with their perpetuated myths and fearmongering? The fact is that the Social Security Trust fund is projected to reach insolvency in 2032, forcing 24 percent across-the-board cuts to benefit for all beneficiaries, current and new. Although this fact is well known in the financial world, politicians are wary of touching the third rail of American politics, knowing it is political suicide. Maya MacGuineas, the president of the bipartisan Committee for a Responsible Federal Budget, in her opinion column appearing in the Dallas Morning News, advises the public to go beyond the current cliques of “tax the rich” or DOGE, which are inadequate solutions, to demand from candidates more honesty and provide real solutions to the insolvency issue. Read Ms. MacGuineas’ column here…
As an example of leading thinking on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to serve future generations. AMAC’s position is that this can be achieved without payroll tax increases through relatively minor program modifications, including changes to the cost-of-living adjustment (COLA) process and modifications to the formulas for calculating initial benefits for higher-income beneficiaries. Changes to the age for maximizing benefits are included in AMAC’s position, along with (1) an increase in the thresholds where benefits are subject to income tax; (2) indexing of these thresholds annually to account for inflation; (3) changing the taxable maximum formula to address the unintended loss of revenue; (4) improving survivor benefits, (5) eliminating the reduction in benefits for those choosing to work before full retirement age; and (6) improving savings tools for future retirees, including a savings account that builds estate value. 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 many congressional offices and staff over the past decade. See AMAC’s proposal for Social Security reform here.
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