Where does the GOP field stand on Social Security? - AMAC & USA Today
Savannah Kuchar of USA Today reviews the GOP presidential field and where they stand now and in the past on Social Security. One candidate called the program a Ponzi Scheme, one that should be privatized, and favored a retirement age of 70. That was Donald Trump– in 2000. His position now is “no changes” which is akin to letting benefits be cut 23% in a decade (he would be out of office then if he won again.) Interesting, Joe Biden is also more or less in the “leave things alone” camp, though he has called for higher payroll taxes. Other candidates, like Nikki Haley, are carefully wading into this debate, by noting the retirement age will have to go up for the young. Ron DeSantis thinks economic growth alone can cure the program’s financial ills (it cannot). Vivek Ramaswamy favors eliminating government agencies and cutting the number of federal employees by 75% to fund Social Security (not remotely realistic). Read the full piece here.
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized. This can be achieved without tax increases by slight modifications to cost of living adjustments and payments to high income beneficiaries plus gradually increasing the full (but not early) retirement age. AMAC Action, AMAC’s advocacy arm, supports an increase in the threshold where benefits are taxed and then indexing for inflation, and calls for eliminating the reduction in people’s benefits for those choosing to 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 many congressional offices and staff over the past decade.