Debate Magazine

Feds: Social Security Disability Fund Goes Broke Next Year

By Eowyn @DrEowyn

We warned you. (December 18, 2013.)

July 13, 2015: Obama says Medicare and Social Security “are not in crisis”.

obama-finger

Free Beacon (July 22, 2015): Social Security’s disability trust fund will run out of money next year, administrators said on Wednesday, forcing steep benefit cuts for the entitlement’s beneficiaries unless Congress acts to shore up the program.

The program’s trustees said in a report on the fund’s financial state that its fiscal reckoning, which is expected to come in late 2016, will automatically slash benefits by nearly a fifth, the Associated Press reported.

The report said the fund faces “an urgent threat” that requires prompt action by Congress.

There is an easy fix available: Congress could shift tax revenue from Social Security’s much larger retirement fund, as it has done in the past.

President Barack Obama supports the move. But Republicans say they want changes in the program to reduce fraud and to encourage disabled workers to re-enter the work force.

The date that the fund will be exhausted is unchanged from last year’s report. But as the deadline gets closer, advocates say the need to act becomes more urgent.

titanic-sinking

I’d say it needs to become urgent NOW.

See also:

DCG


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