Washington – AMAC applauds the inclusion of the TRUST Act in the next coronavirus legislation. The sudden increase in unemployment has decreased revenues to the Social Security trust fund further shortening the time remaining before insolvency. The promise to guarantee Social Security for all Americans must be kept and AMAC’s objective is to achieve what is the best path to long-term OASDI Trust Fund solvency without raising taxes.
According to the 2018 Report of the Social Security Trustees any delay in action by Congress risks major detrimental changes for seniors, “If substantial actions are deferred for several years, the changes necessary to maintain Social Security solvency would be concentrated on fewer years and fewer generations. Much larger changes would be necessary if action is deferred until the combined trust fund reserves become depleted in 2034.”
The Time to Rescue United States Trusts Act or TRUST Act would establish bicameral, bipartisan committee to find fiscally responsible solutions to issues faced by Social Security, Medicare, and the Highway Trust Fund. This bipartisan legislation would fast track any bipartisan agreement to ensure these issues are fixed before drastic measures must be taken.
AMAC Action President Bob Carlstrom had this to say about the TRUST Act: “AMAC strongly supports fixing Social Security to ensure all seniors are guaranteed access to this important program without adding unnecessary tax increases on younger generations. The TRUST Act is a commonsense bipartisan solution to Washington’s handwringing that has delayed any fixes to the federal government’s social contracts with Americans. We encourage Congress to pass the TRUST Act as part of the HEALS Act package and AMAC Action will encourage the committee to look at the AMAC developed Social Security Guarantee to extend solvency to Social Security, but any action must be taken quickly before the program funds are depleted.”
AMAC fully supports inclusion of the TRUST Act in the HEALS Act and encourage swift action by Congress to enact this important legislation.