The Social Security Dilemma: A Look at Political Realities - forbes.com
In a post on forbes.com, contributor Steve Vernon provides an assessment of some potential paths to resolving the Social Security solvency issue. Vernon, president of Rest-of-Life Communications and a research scholar for the Stanford Center on Longevity, offers analysis into the statistical side of the deficit problem, outlining several ways to balance the ledger with either tax increases, benefit reductions, or a combination of both. Reflecting on a similar funding crisis in 1983, he reiterates that “Congress saved the system by adopting a bipartisan package of benefit reductions and tax increases” and cites the urgency of similar bipartisan cooperation today. As he notes, “the necessary changes will become more difficult the longer our lawmakers delay.” Read Vernon’s post here…
And as many folks know by now, the brutal result of legislative inaction will be a substantial reduction of critical benefits to vulnerable seniors. The Association of Mature American Citizens (AMAC) has been actively advocating for a strengthening of Social Security and has created a bipartisan compromise bill, titled “Social Security Guarantee Act” which would not require an increase in taxes. This legislative framework takes selected portions of bills introduced by former Rep. Sam Johnson (R-Texas) and Rep. John Larson (D-Conn.) and merges them with the Association’s original thinking. This bipartisan compromise approach has been carried to many lawmakers in Washington and many, many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…
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