AMAC’S FIGHT TO ENSURE THE FUTURE OF SOCIAL SECURITY Z X
E very year since the early 1990s, the Social Security Adminis- tration’s Board of Trustees has issued warnings to Congress addressing the program’s projected long-range inability to pay full bene- fits. Their annual Trustees Report routinely includes a lukewarm call to action to stave off what would be a catastrophe for America’s seniors, with the most recent report encour- aging action by lawmakers “in a timely way” to implement corrections “sooner rather than later.” Unfortunately, Congress has turned a blind eye to Social Security’s loom- ing insolvency problem, and the program’s financial reserves continue to evaporate. Full depletion, once decades away, is, according to some official government sources, now within a ten-year horizon. And while
ten years might seem to be a long time, it isn’t. Dealing with the problem well before any necessary changes take effect so that workers can adjust retirement plans to account for those changes is critical. The longer the problem is ignored, the greater the impact will be when changes ultimately are made.
With Social Security being a major source of income for most of the elderly, a reduction in benefits would create a serious financial hole that children and grandchildren would likely be called upon to fill. With this as a driver, Dan Weber and his AMAC colleagues spearheaded the devel- opment of a plan that would both preserve and modernize Social Secu- rity — a program that has not seen any significant alterations since its 1935 creation. AMAC’s plan has evolved through the years and has been reviewed by congressional representatives during hundreds of Capitol Hill visits since its 2012 unveiling. In summary, AMAC’s plan — its Social Security Guarantee (see AMAC.us/social-security ) — is an approach that calls for no tax increases , ensures the targeting
AMAC on the Front Line
One of the primary areas of focus in the eyes of AMAC Founder Dan Weber was the absolute importance of keeping Social Security’s prom- ise of financial support in retirement intact. He recognized that virtually everybody relying on Social Secu- rity to fund a portion of their retire- ment years is in the crosshairs of the solvency problem.
22 • AMAC Magazine
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