Prior to the end of 2015 we posted many blogs and witnessed many stories on the crisis of Social Security’s disability Trust Fund running out of money. Prior to the budget bill passing late last year the Social Security Disability Insurance (SSDI) Trust Fund was set to be depleted so much by the end of 2016 that disabled workers were facing a 20 percent cut in benefits. The budget bill allowed Congress to shift funds from the Old Age and Survivor’s Trust Fund to the SSDI fund to ensure solvency for more than the next five years. There were opponents to doing this of course, mainly Republicans.
They screamed at how Congress was raiding the fund of the retired people in America, but apparently they didn’t care about the disabled who paid into Social Security for most their lives as well.
I have some news for those who were opposed to the budget deal that saved SSDI, the Old Age and Survivor’s Trust Fund seems to be doing just fine and I will give you nearly 2.8 trillion reasons. That’s right, the Old Age and Survivor’s Trust Fund stands at almost $2.8 trillion. And, it keeps growing with every passing year.
Social Security recently posted the final 2015 numbers for the Trust Fund. The reserve in the Trust Fund is at $2.78 trillion. In the past year Social Security took in more than $800 billion and paid out more than $51 billion less than what it took in. This really goes to show you that you cannot always believe what you hear when political motives are involved. Despite the fact that people are clamoring to save Social Security, it seems Social Security is doing just fine on its own.
For a more in-depth look at Social Security’s numbers in 2015 click here.
