Where is Joe Biden on Social Security? - AMAC & The Motley Fool

Bram Berkowitz has a piece here on a Biden quote that may put him at odds with Democrats looking to shore up Social Security’s long-term health. While the President’s own “I want to protect Social Security” statements offer nothing given the program’s looming insolvency, this line here from his 2022 State of the Union speech might prove telling: “Under my plan, nobody earning less than $400,000 a year will pay an additional penny in new taxes. Nobody.” But some Democrats want to increase the wage cap from the current $160,200. Senator Sanders and Warren’s bill, for example, would lift it and apply Social Security taxes to all income above $250,000. This would put Biden in a bind. The GOP has called for raising the retirement age and other necessary changes to ensure solvency. Where will Biden end up? Full article here.

The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized.  This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits.  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 research.  One component is Social Security PLUS, a voluntary plan to allow all earners to have more income 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.

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