Dear editor:
Reforming Social Security and entitlements, while assuring seniors that they will receive the benefits of their hard work, is a tough issue. Here, in Garland County, we older Americans are watching closely what the U.S. Congress -- especially Congressman Westerman and Sens. Boozman and Cotton -- do to preserve Social Security this session. And, there is a fast-growing organization for seniors that has, what I believe, is the best plan.
The status quo is not an option. So, with the 114th Congress in full swing, there is a real solution, a chance to guarantee the efficacy and solvency of Social Security. It is being briefed to Congress by the Association of Mature American Citizens (AMAC), a 1.2 million strong group of senior citizens.
I encourage everyone to insist on a solution that addresses the facts. Today, an aging population receives benefits from a declining workforce, and it is only going to get worse. Benefits going out will outpace receipts on Social Security Disability Insurance by the end of 2016, while the other entitlement programs will grind toward broke at various times beyond that. Make no mistake, the seniors in Garland County will feel that grinding -- the shake of an empty can.
Congress must adopt a rescue plan such as the AMAC blueprint. That plan essentially boils down to this: Without raising taxes -- something employers and employees cannot afford -- we must guarantee a cost-of-living increase every year for everyone, adjusting COLA rates based on income levels so that low-income individuals receive more increase than those with higher income, while raising the age of early retirement to 64 and full retirement to 69. This would be phased in over the next decade so as not to impact present beneficiaries and those close to the current retirement age.
The plan also allows all retirees to enjoy the benefits of the free market. Recognizing that Social Security was never intended to be the sole source of income for retirees, the AMAC approach adds a voluntary, tax-deductible Early Retirement Account (ERA) to compliment the other major components of the Social Security guarantee. This creates a "best of both worlds" option for all future American workers.
Opening this discussion with local members of Congress -- demanding some accountability in a program we all depend upon and which must be preserved -- is only the start of the process. AMAC is committed to assuring that benefits stay equitable, available and sufficient, while also being committed to keeping our country solvent over the long term. If this is not done now and by us -- or by our representatives -- then when and by whom?
AMAC has 2,500 committed members in our 4th Congressional District, over 500 of which are in Garland County. These members are right: This is an issue whose time has come, and this is the time to resolve -- not just talk about -- the entitlement insolvency crisis.
Terry Thompson
USAF retired
Delegate, 4th Congressional District
AMAC
Editorial on 06/28/2015