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Where Congressional Reform of Social Security Stands
The good news is that some members of Congress are talking about Social Security and Medicare’s financial insolvency issues. The bad news is there is little agreement on the medicine to cure the patient. Julia Mueller and Stephen Neukam writing in The Hill, summarize the current state of reform. The authors note the GOP has a “scattered message.” They also state that Democrats are positioning themselves as “protectors” of Social Security. To date President Biden has not engaged on reform, and Sen. Bill Cassidy (R-LA) took Biden to task for inaction in a testy exchange with his Treasury Secretary in March. Sen. Marco Rubio (R-FL) told The Hill earlier this month that Congress needed “presidential leadership” to secure the programs in the long term, saying Biden is “not doing anything.” Full article here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved without tax increases by changing cost of living adjustments, increasing the retirement age, and modest adjustments to the highest income beneficiaries. The AMAC plan also suggests eliminating taxation of benefits, or at least annually adjusting the amount taxed for inflation, and eliminating the reduction of benefits for those who work before full retirement age. 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 a great many congressional offices and their staffs over the past several years.
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.