For many years now there has been a lot of talk about both the Social Security retirement and disability programs going broke.
We have heard about when both programs will run out of money if nothing is done to change it, so it is important to know that Congress held hearings on the issue a couple of years ago it did sound some alarm bells.
During at time when workers paid into the Social Security Disability Insurance (SSDI) program increased by 70 percent from 1970 to 2010 the number of people receiving disability benefits increased by almost 300 percent. The number of people who collected benefits went from 2.6 million to nearly 10 million.
In addition, the 2011 Social Security Trustees report indicated that the disability insurance trust fund would be unable to pay full benefits beginning in 2018 without congressional action.
It remains obvious that sooner, rather than later, congress will have to act to save this program. As is the case in every situation in which a funding gap must be closed, either there must be a reduction in benefits or there must be an increase in revenues.
The SSDI program is an incredibly important safety net for millions of people to sustain a certain way of life and it is important to note that SSDI is not charity program. The people who are collecting SSDI payments have earned those payments by paying into Social Security over a number of years by earning work credits.
For more information or a closer look at the issues Social Security is facing funding the SSDI program click here.
