Posted on 02/10/2013 6:06:40 PM PST by Rusty0604
The source of this information is the Congressional Budget Office (CBO); the following is how it will play out:
SS consists of two different pieces. The Old Age and Survivors Insurance (OASI) and Disability Insurance (DI). Both entities have their own Trust Funds (TF). OASI has a big TF that will, in theory, allow for SS retirement benefits to be paid for another 15+ years. On the other hand, the DI fund will run completely dry during the 1stQ of 2016. By current law, the DI benefits must be cut across-the-board by 30% on the day that the DI TF is exhausted. CBO projects that the DI trust fund will be exhausted during fiscal year 2016. Under current law, the Commissioner of Social Security may not pay benefits in excess of the available balances in a trust fund, borrow money for a trust fund, or transfer money from one trust fund to another. However, following rules in the Deficit Control Act of 1985 (section 257(b)), CBO's baseline assumes that the Commissioner will pay DI benefits in full even after the trust fund is exhausted.
(Excerpt) Read more at zerohedge.com ...
How do you raid an empty fund?
Raid OISD to pay DI, or retirement to pay disability
OISD = OASI
Exactly. Things like SS and transportation funds have been where they’ve been grabbing money all along.
Did permanent disability totals balloon by 10 million over the last 10 years? I don’t think working conditions are that much worse now than 10 years ago.
AFAIK the threshold for disability qualification has been substantially lowered by the Obama regime. So a serious reform is needed. Only way that gets done is if it is allowed to go broke first.
Common House members, you hold the purse strings. Do your job.
As long as Baraq, Bernanke, and Geithner/Lew can create unlimited fake money, none of this will be a problem.
Of course eventually it’s gonna blow....
For sure up until a few years ago, you didn’t have the tort lawyers branching out into SSDI cases.
Now their ads are on tv constantly.
Especially during daytime tv.
nuber of people on DI has exploded under Obama. They really are breaking the system. I look to them to require individual retirement accounts to be required to buy their bonds, to make everyone fair of course.
nuber of people on DI has exploded under Obama. They really are breaking the system. I look to them to require individual retirement accounts to be required to buy their bonds, to make everyone fair of course.
It was raided back in the mid-nineties.
“nuber of people on DI has exploded under Obama.”
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I know a 50 year old guy here in the Philippines that is waiting on almost $50,000 of SSDI. (back injuries)
I guess they are very good at stalling on claims.
He has a lawyer working on it, but no luck so far.
He just left to go back to Pennsylvania and driving trucks, as he is now broke.
There is NO TRUST FUND and there hasn’t been for a very long time.
Same thing as the highway trust fund. They scoop some 30% right off the top before they even get around to blowing the money on other crap.
I bet the make SS payments based on assets. Thus, many of us will lose it entirely.
I’ve mentioned on here before that I’m a volunteer triage interviewer for a local food/clothing bank.
A good 90%+ of the people I interview do not have a job. Virtually all of them are on food stamps. Most of them are receiving at least one other type of government handout. Many are on unemployment. Many are on DI.
About the time nobama got elected, I noticed many of the people were complaining about their unemployment benefits running out. A goodly portion of them said, “My unemployment is running out and I’ll have no money. So I applied for DI.”
Now, DI has become the new welfare. It goes up just like Social Security and there’s no periodic policing to see if you still qualify.
This is a hugh, horrible ripoff of us taxpayers.
Considering that they are “raiding” the taxes of my kids and their future kids anyway, why should I care about their accounting fictions?
why are good American taxpayers sending money to foreigners?.....if people want to collect from American taxpayers, they should at least be mandated to live here...either that or a substantial deduct from “their” govt money....
since husband and I don’t expect windfalls, I guess we’ll be okay....remember, there are people out there collecting their full pay if not over what they “earned” while working for the govt....some did 20 yrs in the service, which gave them a step up on getting more govt work on the outside....their retirements are enormous...
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