- Created on Friday, 25 July 2014 13:05
- Written by John Grimaldi
Washington, DC - The recent report issued by the non-partisan Congressional Budget Office declaring that the Social Security Trust will be "exhausted" by 2030 requires clarification, according to the Association of Mature American Citizens.
"But, the Trust will be in peril only if the President and Congress do nothing to prevent such an outcome," explained Dan Weber, president of AMAC.
"But even if nothing is done and the combined Old-Age, Survivors, and Disability Insurance Funds [OASDI] are used up in 16 years, the Social Security Administration would still be able to make partial payments. The government would still be collecting SS payroll taxes and, thus, would be able to pay benefits albeit at reduced rates."
Weber is confident that will not happen. He believes that the American people would not accept benefit cuts and our lawmakers would be forced to take action.
"There are several ways to avert a crisis," he added. "To help spur our lawmakers to action, AMAC has introduced a proposed Social Security Guarantee. It will provide more money to older Americans living on a small income, add an enhanced voluntary savings plan and keep Social Security solvent for the next 75 years- all without raising taxes!"
Please see the AMAC Social Security Guarantee at www.amac.us