Get ready for the word “reallocation” to become prevalent in the political landscape as we continue through this year and probably even as we move into the presidential election year of 2016. According to Webster’s online, the definition of reallocation is “a share that has been allocated again.” This may not mean a lot to Americans, but what it refers to certainly will.
The word is at the forefront of debate between Republicans and Democrats in congress over what to do about the Social Security Disability Insurance (SSDI) trust fund that is expected to be depleted by as early as next year. If nothing is done, those who receive SSDI payments because they are unable to work, can expect to see nearly 20 percent less in monthly benefits. Considering the average monthly payment for SSDI is around $1,200 per month, a 20 percent reduction can certainly result in tougher financial times for many who barely survive on their current benefits.
President Barack Obama and other Democrats have proposed “reallocating” money from the Social Security retirement trust fund to the SSDI trust fund to extend the life of SSDI so that disabled workers don’t see pay cuts, but Republicans are currently blocking any plans to do this even though congress has transferred funds between the two programs, disability and retirement, 11 different times and most recently in 1994.
The Republicans instead of coming up with a solution for the shortfall in the SSDI program have called for a commission to recommend changes to the program.
There is no doubt that substantial changes need to occur to sustain the Social Security disability and retirement programs for years to come and we should all be open to any and all solutions.
That sort of substantial change is certainly going to take while to achieve and the Republicans should stop being obstructionists and allow for a common procedure congress has enacted many times before so our disabled workers don’t have to worry about trying to survive on less income than they already have to today.
