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Social Security's disability trust fund could fail to cover all benefits early as 2016
fox news ^ | 1/26/2013 | By Jim Angle

Posted on 01/26/2013 6:40:59 AM PST by tobyhill

As President Obama faces pressure on the left to defend federal entitlement programs from the benefit cuts that the Republicans say are necessary to keep the programs solvent decades down the road, one part of Social Security could fall short of paying out full benefits within a few years -- even while Obama is still president.

Over the long term, Social Security and Medicare have promised tens of trillions of dollars more in benefits than the nation can pay for under current policies. But Social Security's disability trust fund is in even worse shape, and current estimates say by 2016 it won't have enough money to pay full benefits.

"That's three years from now," Jim Capretta of the Ethics and Public Policy Center said. “And given the president's rhetoric and his posture, it's quite clear that he has no intention of doing anything about it."

(Excerpt) Read more at foxnews.com ...


TOPICS: Extended News; News/Current Events
KEYWORDS:

1 posted on 01/26/2013 6:41:05 AM PST by tobyhill
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To: tobyhill

“Tens of trillions” in shortfalls? Pfftt...pure bosh. A mere trifle. Just raise the debt ceiling, knock on China’s door again, and ask Ben to rev up QE-XXXVII.

Dear God how I wish the infernal damned govt had not stolen that money from me over 45 years. I’d be in fat city if I’d had that money invested in my own retirement account.


2 posted on 01/26/2013 6:49:04 AM PST by ProtectOurFreedom
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To: tobyhill

Because, IMHO, “disability” is entirely too broadly defined.


3 posted on 01/26/2013 6:50:02 AM PST by jagusafr (the American Trinity (Liberty, In G0D We Trust, E Pluribus Unum))
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To: tobyhill

Over the last 4 years there are a lot of people who have come to see SSDI as a career path. This cannot continue.


4 posted on 01/26/2013 6:53:56 AM PST by FreedomPoster (Islam delenda est)
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To: FreedomPoster; jagusafr
Yes and yes.

I have next door (well .. sort'a ... we live in rural Pa.) neighbors that are none married and all illiterate and two young girls now with a 17 yo child of the momma w/the two others, pregnant.

No one works and the father/grandfather (retired with pension and SS) is there to help with whatever anyone needs

5 posted on 01/26/2013 7:01:07 AM PST by knarf (I say things that are true ... I have no proof ... but they're true)
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To: tobyhill

First of all,Obama did do something about it,he gave everyone a tax cut,except it was SocialSecurity that was actually robbed of its only fundraising by hundreds of millions


6 posted on 01/26/2013 7:07:03 AM PST by ballplayer
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To: tobyhill

First of all,Obama did do something about it,he gave everyone a tax cut,except it was SocialSecurity that was actually robbed of its only fundraising by hundreds of millions


7 posted on 01/26/2013 7:07:03 AM PST by ballplayer
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To: tobyhill

There is no trust fund. THERE IS NO TRUST FUND! Have no trust in anyone who says there is a trust fund.


8 posted on 01/26/2013 7:15:13 AM PST by allmendream (Tea Party did not send GOP to D.C. to negotiate the terms of our surrender to socialism)
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To: tobyhill

Always pays to turn the page on these gub’mnt websites ~ ‘cause the answer is here ~ in the footnotes: http://www.ssa.gov/oact/progdata/taxRates.html


9 posted on 01/26/2013 7:16:55 AM PST by muawiyah
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To: allmendream

it’s a trick with accounting, but then again, so is money. you’ll get over it eventually.


10 posted on 01/26/2013 7:19:54 AM PST by muawiyah
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To: ProtectOurFreedom
Dear God how I wish the infernal damned govt had not stolen that money from me over 45 years. I’d be in fat city if I’d had that money invested in my own retirement account.

I'm still young enough (barely) and savvy enough (barely) that I could retire in Fat City if they just stopped taking it NOW.
11 posted on 01/26/2013 7:31:16 AM PST by LostInBayport (When there are more people riding in the cart than there are pulling it, the cart stops moving...)
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To: tobyhill

But, but we had a government promise back in 1964!

http://www.ssa.gov/history/ssa/usa1964-2.html

Self-Supporting

“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”

And here is where your money went. Read and weep!

http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4


12 posted on 01/26/2013 7:43:21 AM PST by Ruy Dias de Bivar (Click my name! See new paintings!)
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To: FreedomPoster

“The fiscal security of the disability trust fund got rapidly worse as the unemployment rate rose. The number of applications has almost doubled in the last 10 years, from 1.5 million a year in 2001 to more than 2.8 million a year in 2012.”


13 posted on 01/26/2013 7:45:45 AM PST by John W (Viva Cristo Rey!)
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To: muawiyah
Na. They'll have the Obamacare slush fund to cover social security and medicare. Actually, medicare will be gone by then. Replaced by the new and improved Obamacare.

Of course, we'll still be paying the tax out of our paycheck but it will the program will be gone.

They should be flush with cash when Obamacare kicks in full speed.

A tiny bit sarc.

14 posted on 01/26/2013 7:48:16 AM PST by dhs12345
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To: ProtectOurFreedom

Don’t worry /sarc wall street has designed the system so it’s “invested” for you.

It’s invested in taxpayers paying taxes in the future.

And it’s invested in the Treasury selling more bonds in the future (that’s the ponzi aspect).

And they made your employer pay as well. You could have had 13%+ of your gross pay added to your net pay all along and would not have costed your employer 1 penny more.

Grabbing taxpayer dollars is a multi-trillion per year industry, however, so SS and MC have to compete with everyone inside the beltway elbowing around the trough.

Repubs and Dems seem much more intent on paying out less SS / MC and paying out more for fancy government software implementation projects, Foreign Aid to further one world government, the welfare state, highway funds to grease the wheels of State parties, etc.

The SS MC funds now own about $2.5 trillion in Treasury bonds, but that’s really just worthless ponzi junk, since redeeming it without rolling it over ponzi style eats into everyone else’s grabbing of current tax and borrowed dollars.

Of course, if you earn to much while on Social Security - you have to pay Federal Income tax on the SS benefits when you receive them, so some of the benefits filter back into the ponzi.

What a “social safety net”. Working taxpayers are held in bondage by the “social safety net”.


15 posted on 01/26/2013 7:50:13 AM PST by PieterCasparzen (We have to fix things ourselves)
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To: jagusafr

Oh yeah. I work in ER and every day I see 20 and 30 year olds on disability for anxiety or depression or PTSD. I can’t tell you how often I hear “ I’m working on getting my disability” or “ I’m waiting for my disability”.
I guarantee you if the money suddenly stopped coming and it was work or starve, the majority of these parasites would suddenly get healthy.


16 posted on 01/26/2013 8:10:11 AM PST by Kozak (The Republic is dead. I do not owe what we have any loyalty, wealth or sympathy.)
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To: tobyhill

I can’t tell you how many people I know who have been collecting SSI for decades but are perfectly able bodied. A life time of living off other’s hard work is disgusting. If they can shop all day, hold wilderness expeditions and farm, they aren’t disabled so much they need to take food out of my children’s mouths.


17 posted on 01/26/2013 8:12:28 AM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: tobyhill; sickoflibs
"Solvent" MY ASS !!!

even *our* reps continue to play this BS word game...

I guess Im not broke so long as i have a few checks in the book, nevermind the bank folded years ago...

solvent ???

weve been hosed for so long now, its kabuki 24/7...

18 posted on 01/26/2013 8:28:09 AM PST by Gilbo_3 (Gov is not reason; not eloquent; its force.Like fire,a dangerous servant & master. George Washington)
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To: dhs12345

it’s like the Spaish-American War telephone tax ~ that was disposed of only recently.


19 posted on 01/26/2013 8:29:34 AM PST by muawiyah
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To: bgill

Turn those people in at: https://www.socialsecurity.gov/fraudreport/oig/public_fraud_reporting/form.htm


20 posted on 01/26/2013 8:32:46 AM PST by muawiyah
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To: Kozak

he is s hint. I too have worked as a physician in the ER and in private practice. I have had patients tell me they are in the ER cause their lawyer told them to rack up large medical bills to help them with their SS disability claim.


21 posted on 01/26/2013 8:50:06 AM PST by therut
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To: muawiyah

The trick is fooling people into thinking there is some sort of trust fund when the money coming in is spent every year. Nice trick.


22 posted on 01/26/2013 8:50:27 AM PST by allmendream (Tea Party did not send GOP to D.C. to negotiate the terms of our surrender to socialism)
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To: bgill

This article scares me to death for a relative who is most certainly not able bodied and SSI is her only income. Lying on her back right now with legs swollen like elephant’s. We are taking care of her kids at the moment.


23 posted on 01/26/2013 8:54:44 AM PST by steve86 (Acerbic by Nature, not NurtureĀ™)
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To: ProtectOurFreedom
“Tens of trillions” in shortfalls? Pfftt...pure bosh. A mere trifle. Just raise the debt ceiling, knock on China’s door again, and ask Ben to rev up QE-XXXVII.

Just make a couple of TRILLION dollar platinum coins - two should be enough for starters.
24 posted on 01/26/2013 9:01:15 AM PST by Cheerio (Barry Hussein Soetoro-0bama=The Complete Destruction of American Capitalism)
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To: muawiyah

I’ve turned in people for everything and nothing ever comes of it. File 13. The government jumps on such like ICE jumps on illegals in a Mexican protest parade. For example, years ago when the kids were little, I had a run in with a doctor who made parents sign a form for medicaid payment before seeing their sick kids even if they paid out of pocket or through their insurance. That doctor is still in business and is probably still double dipping.


25 posted on 01/26/2013 9:04:26 AM PST by bgill (We've passed the point of no return. Welcome to Al Amerika.)
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To: Ruy Dias de Bivar; All
Thanks for the links. From your 1st link in post#12...

The first principle underlying the program is that security for the worker and his family grows out of his own work. He earns his future security as he earns his living and he pays toward the cost of his social security protection out of his earnings.

Another important principle is that to the extent possible coverage is compulsory. A society cannot be secure if large numbers of its members are not protected against the loss of earnings that results from the retirement, disability, or death of the family provider.

Lying sociaiists.

Everything about socialism is sham and affectation. - Bastiat

Socialism Is Legal Plunder - Bastiat

Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation. - Bastiat

<-That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.

Socialism does not make you happy or safe. Witness current events and a 16+ trillion dollar debt.

26 posted on 01/26/2013 9:18:28 AM PST by PGalt
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To: PGalt

If a Republican gets elected in 2016, just imagine the mess they will inherit. And they would be blamed for every aspect of it.


27 posted on 01/26/2013 9:34:26 AM PST by aimhigh ( Guns do not kill people. Planned Parenthood kills people.)
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To: jagusafr

Isn’t claiming depression and drinking/drugs considered a disability? I remember for years meeting collecting disability for something stupid like that and sometimes I would think I was stupid for working long hours and still struggling. They rec’d the SS, foodstamps, free healthcare and housing help for doing nothing. Most of the time they weren’t even really disabled.


28 posted on 01/26/2013 9:39:41 AM PST by Rusty0604
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To: allmendream

I think you and Algore both have a misperception of what a trust fund is about ~ when it comes to taxes.


29 posted on 01/26/2013 9:48:55 AM PST by muawiyah
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To: tobyhill

President Obama faces pressure on the left.
They will never question their God and money supply.


30 posted on 01/26/2013 10:49:46 AM PST by Vaduz
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To: muawiyah

And you seem to share the delusion with Gore that there is some sort of lockbox. Socialist security is a scam. There is no trust fund and no lockbox.


31 posted on 01/26/2013 11:35:37 AM PST by allmendream (Tea Party did not send GOP to D.C. to negotiate the terms of our surrender to socialism)
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To: tobyhill

The pols have stolen the money and spent it since inceptiopn of the program years ago on their usual, corrupt poofiness for them selves and their friends. The pols are thieves. May justice find them all.


32 posted on 01/26/2013 11:38:54 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: tobyhill; MrB

Thirty year olds collecting ‘disability’ because they have ‘anger issues’??? Charming.
* * * * * * * * * * * * * *

http://online.wsj.com/article/SB10001424053111903532804576564543481258206.html

Shortly after the layoff, 290 of the 300 former employees applied for Social Security disability benefits and they all used the same doctor, who lived far from the plant, Mr. O’Carroll told the audience. Mr. O’Carroll didn’t identify the doctor, whose identity couldn’t be learned.

http://cnsnews.com/news/article/13-million-got-disability-mood-disorders-including-33-beneficiaries-puerto-rico

record of 8,575,544 workers collecting federal disability benefits and among them were 1,304,851 doing so because they suffered from “mood disorders.”

The incidence of “mood disorders” among disability beneficiaries was not proportionately distributed among the states and territories, according to the official SSA statistics. Some locations had much higher percentages of disability beneficiaries diagnosed with mood disorders than other locations.


33 posted on 01/26/2013 11:47:25 AM PST by GOPJ ( Do murder laws control murders?..freeper Red Badger Let's try Criminal control - Fr:MadMax)
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To: allmendream
They way they do this is BORROW THE MONEY and credit you with the loan.

Like I said it's a trick with accounting. And think about this a moment, you go out and collect several hundred billion dollars where would you put them? A warehouse?

34 posted on 01/26/2013 12:05:24 PM PST by muawiyah
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To: muawiyah

Obviously it is far better that the government SPEND the money asap! / s


35 posted on 01/26/2013 12:39:42 PM PST by allmendream (Tea Party did not send GOP to D.C. to negotiate the terms of our surrender to socialism)
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To: John W

When there’s no jobs available, applying for disability becomes inevitable.


36 posted on 01/26/2013 2:51:08 PM PST by KantianBurke (Where was the Tea Party when Dubya was spending like a drunken sailor?)
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To: aimhigh
If a Republican gets elected in 2016, just imagine the mess they will inherit. And they would be blamed for every aspect of it.

Yes, they would. Even a conservative or individual thinking/speaking/acting out of the bureaucratic box they have put us in is unacceptable.

Socialist security is built on the backs of dead Americans

37 posted on 01/27/2013 9:20:32 AM PST by PGalt
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