Today is Social Security’s 91st Birthday! - CRFB
Although this article is titled somewhat pessimistically (will this be one of Social Security’s “last birthdays”), it includes an analysis by the Committee for a Responsible Federal Budget (CRFB) which is actually a very comprehensive evaluation of the financial issues faced by America’s most important anti-poverty program, Social Security. The article defines the financial problem, but also offers solutions designed to reform Social Security to ensure that no benefit cuts will occur (in 2033, as is now projected). The article includes a link to the CRFB’s suggestions to restore Social Security to fiscal solvency here. Read the full article about how Congress can celebrate Social Security’s 91st birthday by enacting program reforms or, at least, setting up a special committee (currently being considered) to develop a Social Security reform program now here.
The Association of Mature American Citizens (AMAC) is also actively engaged in providing Congress with ideas for a long-term Social Security solution. As an example of leading thinking on reforming Social Security, AMAC 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.