What Would Happen If Social Security Isn’t Reformed? - CBS News
The short answer: when the Trust Fund reserves are depleted in about 2033, every beneficiary’s monthly payment will be cut by about 25%. That’s a pretty dire prediction, considering that the most painful financial damage would be borne by the most vulnerable – those whose Social Security payment allows them to put food on the table, pay their rent, and pay for their needed medications. Said another way, the number of people living in poverty would increase substantially, all because Congress (and the Executive Branch) failed to act sooner to restore Social Security to financial solvency. Is that likely to happen? Probably not, because (hopefully) the current political mentality which eschews bipartisanship will dissipate in the face of those looming (and politically damaging) benefit cuts. But the longer Congress and the Administration wait to act, the more difficult program reform will be. This CBS News MoneyWatch article by Aimee Pitcchi tackles the question of what will happen if Social Security “runs out,” including a view of how today’s millennials, as well as certain “experts,” feel about Social Security’s future. Click here to read more.
For its part, the Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. 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 review AMAC’s Social Security Guarantee, click here.