Trump’s New Chief of Staff & Social Security
President Trump has appointed Mick Mulvaney, director of the Office of Management and Budget and a true fiscal hawk, as White House Chief of Staff effective January 1, 2019. The President’s views on Social Security have consistently stated no program changes, believing economic growth would generate enough revenue to stave off insolvency in Social Security for many more years. But most experts and economists have been tougher, noting that Social Security ran a deficit in 2018 and will do so every year until 2034 when all past surpluses, which are allowing current benefits to be paid in full, will be depleted. Mulvaney understands the problem and has supported balancing the federal budget and is on record stating Social Security should be “on the table”. He has supported raising the retirement age, which experts state is critical to reducing Social Security’s long-term cash shortfall. Such a change would reduce the amount of lifetime benefits paid to future generations of retired workers but also shore up the program’s finances. Mulvaney will not have a direct policy making role as Chief of Staff, but he will have the President’s ear. Read more about Mulvaney in this piece here by Sean Wiliams of The Motley Fool.
The Association of Mature American Citizens (AMAC) has developed a program to save Social Security by making modest changes in cost of living adjustments and the retirement age, without the need for any tax increases on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by Rep. Johnson (R-TX) and Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Read AMAC’s plan here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.