AARP publishes new plan for social security reform
AARP publishes new plan for social security reform

AARP publishes new plan for social security reform

The Social Security Administration announced in August last year that its main trust fund will no longer be able to pay full benefit by 2034, one year earlier than previously expected. This means that unless Congress acts before then to change the formula for social security funding, the recipients will receive less than before.

While some in Congress have tried to reform social security, among others Rep. John Larson, these efforts have not yet been supported by the White House or leaders in Congress. Furthermore, there is little to suggest that social security will be a major issue in this year’s midterm elections, causing many to worry.

11 Point Plan to Rescue America, an election document released last month by Senator Rick Scott (R-FL), only briefly mentions Social Security and President Biden not mentioned Social security at all in this week’s State of the Union speech. However the president did issue an executive order to improve Social Security’s online services last December.

AARP, which represents retired Americans, put out a piece on its website this week called “9 Ways to Strengthen Social Security.” In the organization noted that while pensions for life and personal savings have become less reliable over the years, social security has remained, further necessitating its future health.

“Social security finances are undoubtedly on a downward slope, and it is primarily in the hands of the US Congress to rectify them. If no action is taken, the moment of crisis – which means when the program would no longer have enough money to fully recover out to pay its promised benefits – happen in a little over a decade, ”said AARP.

AARP’s nine points are as follows: adjustment of the taxable wage ceiling; increase payroll tax rates; to bring all newly hired state and local workers into the social security system; expanding the definition of what is considered income; introduction of income testing; cut benefits for newer recipients; to reduce the currently high cost of living adjustment; changing the calculations of benefits; and raise the retirement age for social security.

The organization also expressed its opposition to something similar to the partial privatization of social security reform launched by President George W. Bush in his second term.

The AARP also noted that Congress has not adopted social security reform of any kind since the Reagan administration. “Legislators in Congress routinely propose bills to change social security, ranging from minor adjustments to significant overhauls,” the piece said. “In fact, so far in the 2021-2022 Legislative Assembly, dozens of members of Congress have tabled bills on social security. To date, no one has gone to the full ballot.”

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and splice today . Co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Picture: Reuters.

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