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Will Congress Finally Get Serious about Reforming Social Securty? - reason.com
We’ve covered Social Security’s forecasted financial issue in these web pages regularly, but the question still looms heavily in our collective minds – will Congress finally act in time to restore Social Security to financial solvency? After all, program insolvency is a mere six years away (insolvency means not being able to pay full benefits). According to the most recent report by the Trustees of Social Security, all SS Trust Fund reserves will be depleted in 2032, resulting in a 22% cut in everyone’s benefit. Unless, of course, Congress finally takes action to reform the program to prevent that from happening.
We all have good reason to be worried. Most politicians brave enough to even discuss this topic only offer partial solutions. For example, some Democrats suggest simply raising taxes to avoid the cuts. Republicans, on the other hand, usually suggest a more reasoned approach, but usually one which again only partially solve the problem. What’s needed is a bipartisan solution – one which tackles this difficult question head on and makes the hard decisions needed, likely a combination of both tax increases and adjustments to payment generosity. This article by Veronique de Rugy, appearing at the reason.com website, explains how serious the problem is, what different politicians are suggesting, with emphasis on the staggering size of the financial problem. Click here to read more.
For its part, the Association of Mature American Citizens (AMAC) has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee which restores the program to solvency without raising payroll taxes. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security.