Social Security, especially the Social Security Disability Insurance (SSDI) trust fund, is facing a funding crisis. Projections estimate the trust fund will be able to pay just 80 percent of benefits to disabled workers at some point during next year if there is no congressional action to sure up the fund.
The crisis comes during the same time Social Security is set to celebrate its 80th anniversary of existence. The Social Security Act was signed into law August 14, 1935 and the agency has a number of different events planned to celebrate the achievement. It may seem like an odd time to celebrate Social Security in the midst of a funding crisis, but remember there always seems to be a funding crisis related to Social Security.
During the 1980s there was a similar crisis, and many times before it, but congressional leaders always got together to strengthen and extend Social Security’s ability to meet its obligations to the retired and disabled.
Celebrating Social Security’s achievements over the last 80 years might be just what the current Congress needs to get in gear and solve the current Social Security crisis. It is crucial to sustain benefits because benefits provide a financial safety net for so many Americans. The celebration can highlight all the good the agency has done and make the public more aware of how important Social Security’s programs are to the lives of millions of Americans.
“Social Security offers hope and protection for millions of people and some of the most vulnerable members of the American public,” said Carolyn Colvin, the agency’s acting director. “This was President Franklin Roosevelt’s vision in 1935, and the vision has never been clearer, nor has the work of our agency ever been more important than it is today.”
To learn more about how Social Security will celebrate its 80th birthday checkout the 80th Anniversary website here.
