Skip to comments.Social Security Disability: What Happens When It Runs Out of Money?
Posted on 07/17/2014 3:05:46 PM PDT by TurboZamboni
Social Security helps not only retirees but also roughly 9 million of people suffering from disabilities. Unfortunately, the trust fund that covers disability payments is in even worse financial condition than the trust fund that covers retirement benefits. What will happen when the disability program's trust fund runs out? In the following video, Dan Caplinger, The Motley Fool's director of investment planning, talks about the two Social Security trust funds, noting that the latest estimates give the retirement trust fund about 20 more years before it runs out of money, but the disability trust fund is slated to be used up by 2016, just two years from now. Dan notes that if it does run out of money, recipients will only get about 80% of their scheduled benefits, with cuts happening automatically.
(Excerpt) Read more at fool.com ...
Well, that and tax the rich.
Call up professors Cloward and Piven. They have all the answers.
I grew up in depresion days and today, my saying is ... Brother, you asked for it.
Twenty five year old college grads pay 25% of their wages to SS Will they get to stop doing that? They know they’ll never see it
“Social Security helps not only retirees but also roughly 9 million of people suffering from disabilities.”
Remember when clintoon claimed to have “ended welfare as we know it”? Turn the disability rules back to the rules of 1991 and see how quickly the problem fixes itself.
Yes folks, a huge drain on the Social Security Disability fund is actually just more welfare - most of it for people that are perfectly capable of working.
Each year, the Federal Reserve Board projects the likely demand for new currency, and places an order with the Department of the Treasury's Bureau of Engraving and Printing, which produces U.S. currency and charges the Board for the cost of production. The new-currency budget for 2014 is $826.7 million, and reflects the following costs per denomination:
|Note||Cost of Production|
|$1 and $2||5.4 cents per note|
|$5||10.1 cents per note|
|$10||9.2 cents per note|
|$20 and $50||10.2 cents per note|
|$100||13.1 cents per note|
I agree that there is fraud. But are you suggesting that more than 50% of SSDI recipients are able-bodied and can work? I know several men who worked in the trades and their bodies just quit on them. SSDI is for people like this.
What trust fund? LMAO
Do they still think we buy into that garbage?
Exactly - QE, unlimited debt buying and money printing from the FED means the government never has to say NO or deny any progressive, social-engineering project. Its a beautiful thing.
And conservatives scoff when I tell them they will constantly be fighting a losing battle against leftist, economic and SOCIAL trends as long as we have a fiat currency.....
The government printer working overtime.
One thing they can do is quit giving SSI to kids with ADHD.
When they run out of money??? LMAO, seriously, you are killin me here.
The country is broke with a capital B. There is nothing, nada, zilch, backing out budget, treasury, or the mighty (and worthless) green back.
I wonder when the illegal immigrant and foreign national children’s trust funds go broke...
“Trust” and FEDGUVINC go together like fire and gasoline.
” But are you suggesting that more than 50% of SSDI recipients are able-bodied and can work? “
Don’t know that for sure - but I know this for sure: the ‘categories’ that qualify for disability and the threshold for disability are radically different for the 1991 rules than they are for the 1996 rules. I guess people just started working hard after 1996?
Sad thing is, it doesn’t have to be that way.
I respect the military. I’m willing to respect elected officials too, if they’d just earn it.
I need a citation on that one.
It has money NOW?
There are many drug addicts on SSI disability and they know how to work the system. I observed that some did meth and then went in for assistance because of losing a job...or they never had one...then submitted to a psyche evaluation and got a mental diagnosis (not hard to get when doing meth) in order to get government benefits without working. These people did not disclose that they did meth and other drugs. SSI disability was approved due to the mental diagnosis. They got a government check, food stamps, etc. Next they started to procreate and continued to do meth. The babies born would sometimes die, sometimes be removed by the state. If the babies would be removed by the state, the parents would ask for more assistance and get it. In addition to the above they might now get diapers, more $$ and food stamps because of the children. They also got vouchers for taxis to go to their appointments to be considered for more benefits. They never admitted to meth use. No blood work was done to confirm it. The state would typically spend 2 years trying to get them to clean up and reunite them with their children. In the end, the children were either very fortunate and were able to be adopted out of the family or were reunited with the parents and were very screwed up.
Who are they and what university do they teach at?
Absolutely he is correct. I know of two drunks first hand who could EASILY work customer service from a desk making 13-15+ an hour but settle for what equates to 7 bucks an hour and pool their “resources” so the can spend the days drinking and smoking on the porch (one had THREE knee replacements but failed to finish physical rehab, the other literally because they simply get shit faced every day, all day). In Western PA, SSDI is the holy grail; men and women who are fully capable of work convince themselves they are “owed” something by society now. In the case of the jerk who wouldn’t finish his physical rehab; he worked for 15 years; has been on SSDI for 21. He is a DRAIN on the system.
50% is a reasonably assumptive starting point.
I’ve been legally disabled- or fit the legal definition of disabled -since 1997 but I refuse to go through the 2 year legal process to get it.
Now, the mentally disturbed, the emotionally disturbed, the short (yep) the fat & the grossly obese all all qualified.
The number of “emotional” conditions that are presumptively qualified is shocking.
Its not what it once was. A glance at the people with blue tags on their mirrors or scooting around Walmart on electric carts will clue anyone in.
Seriously? They were from 60s.
In the long run it’s all in the general fund so technically soc-sec never runs out of money. The earmarked section can run dry, but it’s still general fund money.
Not unless they move out of US in time to become a citizen of a solvent country, and pay into their system as new citizens.
Not only is that a good suggestion, but if there was an actual investigation it would probably be a lot more than 50%. So many people who have no business being on disability are draining the program faster than anyone thought possible.
Easy fix to Social Security, investigate every single person getting it for eligibility. There would be more than enough money for the people who really need it.
Yes, seriously. I apologize for my apparent ignorance....The more I hang out here the more apparent that I'm out of my league.
>>He is a DRAIN on the system.<<
So true! When I look at the people who are complete and full drains on the system I see everyone from down and out veterans who never adapted back into society, drunks and dopers, skill people who are just tired of working to feed a significant portion of the population who due to their skin color decided with the assistance of elected legislators that they were ‘owed’ a living by the white man, millions of illegal aliens who walked across the border to the land of the free welfare checks.
When the laws are not enforced or they are carved to skip over able bodied people who decide you owe me, who can blame government workers who game the system for double retirements?
If I was broke and didn’t have family who cared about me, I would commit some type of crime that would get me under government health care. At least that way I’d get meals and meds.
Phhhhtttt... “trust fund”...how quaint.
Thanks a lot, Dick Summer!
Govt paid disability is evil. Period.
It is not FedGovs purpose to care or provide for you. Period.
IF you allow it to begin, INEVITABILITY, you get to todays condition and worse. (Worse is still coming.)
Just say no to evil governance.
Wow, a very broad brush there.
Do you feel the same for workmens comp disability like if a co-worker runs over you with a forklift ?
if you do ..... then
How different is it to get ‘evil’ disability from your govt employer when you get your asz half blown away on the job in combat and you cannot work anymore ?
I was going by the statement of a bright young event graduate. A citation certainly IS warranted. It looks like 6+%, and 12+% for the self employed - both ridiculous especially when they know they’ll never see it
That kind of money over a career, invested is a retirement for them
Here’s the citation:
Fact No. 2: Social Security is financed through a dedicated payroll tax that you and your employer pay an equal share of.
You do pay your fair share of taxes to finance the Social Security trust, but so does your employer. With the rollback of the payroll tax exemption in 2013, you and your employer now each equally pay 6.2% of your annual salary, up to a taxable maximum of $113,700, into the Social Security Fund. If you’re self-employed, you’re in for double-duty, owing 12.4% of your annual pay.
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Enjoy your tyranny.
The road to hell, AND tyranny !!, IS paved with good intentions. In no case are the fruits of my labors Due to another. They are mine. Mine to use or give, Not to be stolen and redistributed by a ‘beneficient’ govt. THAT power, which we allowed FedGov to usurp, laid the bedrock foundation for the so far successful advance of socialism.
You may ‘Justify’ evil all you wish. But it does not change what it is.
Stick around, read it all, keep learning. I like your animal pictures, looks like my place.