Posted on 05/24/2014 9:54:22 AM PDT by entropy12
For years, the Social Security Administration has warned lawmakers that unless they do something soon, the entitlement program for disabled workers will run out of cash by 2016.
Still, as the program’s funds dry up and its insolvency hovers less than two years away, Congress remains quiet on the issue.
(Excerpt) Read more at finance.yahoo.com ...
Anecdotal tidbit..I occasionally run into a golfer on my home course who plays 36 holes walking and carrying his bag, but is collecting disability!
How come we never hear about welfare or food stamps running out of money? In many cases this group didn't work for their benefit entitlement.
Currently 11 million Americans are collecting disability benefits.
Perhaps we should stop sending billions to other countries and help our own. Or just stop wasting money. What am I saying? That won’t happen if others keep putting the same people in office.
One thing that should exist but doesn’t is automatic jail time for anyone getting disability benefits under false pretenses.
Here in NYC it is an epidemic. Cops, firemen and other city workers have turned it into a competitive sport. One fireman claimed WTC disability. He was found participating in triathlons. He said that he had to use an inhaler, though. Turns out he also plays on the NYFD ice hockey team
The system is being scammed by those paid to protect us.
The money taken out to pay Medicare and Social Security beneficiaries has absolutely no relation to the money that goes in. It's all a lie. It's a just one big Ponzi scheme.
Food Stamps money comes from USDA which is funded from general budget funds. Social Security is a separate program, supposedly self funded.
Which simply means USDA can get money by increasing federal taxes which have no upper limit, or borrowing more debt which is limited only by the national debt limit increased on a regular basis.
As Ollie North said,”Washington doesn’t give a damn”.
‘Yahoo’? Save this article for two years and check their credibility.
Flat pay for all government workers, no benefits, no vacation days, nothing but one flat hourly pay. They want vacation days, take off - you won’t get paid for it. You want platinum health insurance? There’s the marketplace, go have fun. You want a retirement? Go right ahead and buy what you want. You want a fancy car? Buy it.
That’s the only way to clean up this disaster. And just think about how people are going to howl over $400 an hour public employees. Least no one will be able to hide the costs (and hide the embezzlement) anymore.
Have you noticed how many firms advertise on TV to help you get disability? Heard of Binder and Binder? They brag they are the most successful and hence the largest in country.
Not positive, but didn’t the number of people drawing disability double under Obama... after 99 weeks of unemployment people were directed over to disability? I have seen several disability folks living normal lives. Too much fraud in our government.
Hahaha...you will be accused of being a right wing extremist!
But I have seen the government workers from inside, so I know what you are talking about.
The government borrowed (robed) Social Security to the tune of $13.4T. #Pay it back
Yahoo does not generate most articles internally. They simply publish what is out there. Similar to Zero Hedge.
This particular article originated in “Fiscal Times”.
They don’t just simply publish, they publish for an agenda. Save the article and see the credibility of both these sources.
This has been known for some time. The SS Trustees put it in their annual report. Here is the statement from the 2013 report:
"Social Security’s Disability Insurance (DI) program satisfies neither the Trustees’ long-range test of close actuarial balance nor their short-range test of financial adequacy and faces the most immediate financing shortfall of any of the separate trust funds. DI Trust Fund reserves expressed as a percent of annual cost (the trust fund ratio) declined to 85 percent at the beginning of 2013, and the Trustees project trust fund depletion in 2016, the same year projected in the last Trustees Report. DI cost has exceeded non-interest income since 2005, and the trust fund ratio has declined since peaking in 2003. While legislation is needed to address all of Social Security’s financial imbalances, the need has become most urgent with respect to the program’s DI component. Lawmakers need to act soon to avoid reduced payments to DI beneficiaries three years from now.
This has happened before, 11 times to be exact. What Congress must do is shift T-bills from the OASI Trust Fund into the DI Trust Fund to keep it solvent. The problem is that it will move up the time OASI fund will go bankrupt--now 2033. In actuality, SS has been running a deficit since 2010 and each year some non-market T-bills from the $2.4 trillion SSTF must be cashed in by the General Fund to make up the shortfall. Since we borrow money to operate, we are essentially borrowing money to pay SS benefits.
By law, Congress must remedy the DI trust fund by 2016 or benefits will be cut. I suspect both parties would like to do it after 2014 so as not to raise it during the midterms. Too much explaining to do to a dumbed down American public.
Oh well then. If it’s in print, it’s true then, right.
So in 2016 it will be. You will see.
Do you know of any publication which has absolutely no agenda? That is a given! If disability is paid from taxes paid by workers in a specific category of taxes, obviously it has limits. If disabled workers keep increasing faster than the tax collected, as they are now, it is not a matter of if but when.
SSDI is one of the most abused benefits there are. It is not the same as the Social Security Retirement benefit.
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