But as wage stagnation and income inequality continue to eat away at families’ economic security, congressional calls to cut Social Security are both unnecessary and harmful to the millions of hardworking Americans who rightfully earned these benefits.
Social security’s disability trust fund is in danger of running out of money. There are 11 million people who collect Social Security disability.
Montana A slow in nursing paying out has shored along the finance approach for the federal government program that often rewards mature Americans’ medical expenses, trustees of the program said on Wednesday. Even if Congress can’t find the gumption to fix the problem – they’ve been wrangling over it for months – Social Security Disability still will be able to pay 81 percent of promised benefits. Acting Social Security Commissioner Carolyn Colvin said shifting the tax revenue “would have no adverse effect on the solvency of the overall Social Security program”.
If employers and employees all kicked in 1.34% more, we would solve the funding problem for Social Security for the next 75 Years! Thankfully, Congress can safeguard the gun rights of VA and Social Security beneficiaries who aren’t unsafe. It’s not “bankrupt.” It’s not “failing”. “An experienced disability attorney will be able to help these applicants win approval for benefits in any appeals process”.
The Medicare Hospital Insurance Trust Fund will have “sufficient funds to cover its obligations until 2030”, the Medicare Board of Trustees said Wednesday in its annual financial review of the $613 billion program. The surplus is projected to continue until 2020, when the old-age trust fund starts to be drawn down. But that’s actually down from the 6.8 percent projected in last year’s report, noted Robert Reischauer, one of two public trustees.
It’s hard to see the Social Security crisis as the tipping point for the American economy entering a Greece-like death spiral. Republicans want changes in Social Security to reduce fraud and to encourage disabled workers to go back to their jobs.
“The new projection raises possibilities that IPAB is going to be more relevant earlier than we might have thought”, said Paul Van de Water, a senior fellow at the left-leaning Center on Budget and Policy Priorities.
“Regardless of whether the reform legislation becomes law, it is safe to say that there will still be many deserving disability applicants who may have missed qualifying impairments, such as mental health or dexterity issues, or whose claims the SSA will deny for some other contestable reason”, Magann said. What is known is that numerous ACA provisions have combined to put a brake on rising healthcare costs; this trend sooner or later should show up in employer plan premiums. The average value of the Medicare benefit per enrollee was $12,432, about 2 percent higher than a year ago.
What’s imperative is that these trends be sustained.
There’s not much change since 2014, as you’d expect since this stuff doesn’t change a lot from year to year.
That means some combination of benefit cuts, tax increases, or in Medicare’s case, reining in health care costs, is needed to keep the programs in balance.
It’s typical for projections about the trust fund’s insolvency date to vary from year to year.