What can Congress do about Social Security’s funding issue? - CNBC
The Social Security Administration reports as of December 2021, over 56 million people were collecting Old-Age and Survivors Insurance (OASI) or better known as Social Security benefits, and a little over 9 million people were collecting Social Security Disability Insurance (SSDI). Social Security is the major source of income for older Americans. Over 8 in 10 Americans aged 65 and older receive Social Security. For 61 percent of those beneficiaries, Social Security is more than half their total income, and for one in three, it is all or nearly all of their income. According to the latest Social Security Trustee report, the OASI Trust Fund alone can pay full benefits until 2033, and the combined OASDI funds until 2034. Alicia H. Munnell, Director of the Center of Retirement Research at Boston College, states: “No major Social Security legislation has been passed at all since the early 1980s…and so we do have this event coming up that forces Congress either to do something or most people’s benefits are going to be cut by [nearly] 25 percent.” Trina Paul spoke with two experts about why Social Security faces a long-term funding issue and what Congress can do about it. Read Ms. Paul’s article here…
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 reviewAMAC’s Social Security Guarantee, click here.
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