Where Do The Candidates And Parties Stand On Social Security? - Forbes & AMAC
Steve Vernon of Forbes provides an overview of where Joe Biden and Donald Trump are on Social Security reform. The political conventions start this week, and the Social Security program just turned 85 last Friday, August 14th, so the issue is timely. Biden’s plan focuses on raising payroll taxes on the wealthy and augmenting benefits for lower income seniors. The plan would reduce the long term deficit, though only modestly. Trump has been more coy about making Social Security solvent long term; many in the GOP prefer benefit cuts, but no one articulates exactly where and on whom they would fall. Read the full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. 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 staffs over the past several years. Read AMAC’s plan here.