the opportunity to raise awareness of Social Security’s dilemma in a receptive House of Representatives. Through a steady slate of well-posi-
tioned editorial pieces, and by nurtur- ing strategic partnerships with key congressional committee members, we are set to promote an open and honest dialog about the program’s solvency problem and specifically about the merits of AMAC’s Social Security Guarantee. As part of our resolve to preserve and modernize a program so vital to AMAC’s membership, we will also be concentrating efforts on the issue of Social Security benefits taxation and its unfairness to seniors, as well as related key legislative issues affect- ing seniors. Overall, our mission on Social Secu- rity is to keep the vision of Dan Weber front and center and is based on the underlying premise of our Social Security Guarantee: “The promise must be kept.”
Where We Go from Here The total AMAC organization is focused on the 118 th Congress and
The Social Security Solvency Problem Defined
According to the Social Security Trustees, the program’s trust fund reserves will be fully exhausted by 2035, forcing an across-the-board cut in benefits of at least 20 percent. The Congressional Budget Office offers an even more pessimistic projection — insolvency by 2032 with a 25-percent cut. Either way, it’s likely that the recent trend of extraordi- nary COLAs will pull complete trust fund depletion even closer absent corrective action. Primary Causes: • Increased life expectancies (now roughly 80, compared to the 60s when Social Security was established) • The ratio of taxpayers to beneficiaries is continuing to decline (now 2.7:1 vs. 42:1 in the 1940s) • Interest rates are at historic lows, limiting interest income from cash reserves
Gerry Hafer AMAC Foundation Social Security Advisor
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