Which Joe Biden will fix what ails Social Security?
“When I argued that we should freeze federal spending, I meant Social Security as well.” So said Joe Biden– in 1995. He’s not getting much love in a Democrat primary, especially from Socialist Bernie Sanders, for taking that courageous view of the program, even when everyone knows Social Security is headed for insolvency. This piece by Eleanor Watson and Cara Korte of CBS News looks back at the deficit hawk consensus that moderate Democrats and the GOP had forged in the 1990s and compares that with today’s Democrat candidates, all of whom are seeking to expand Social Security benefits and increase taxes to pay for it. For example, Biden would provide a new minimum benefit of at least 125% of the poverty level for anyone with 30 years of work. 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.
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.