Sunday, August 08, 2010
Social Security Long-range Financial Outlook Bleak
What will it take to get Congress to address and fix the Social Security disability system. In a Social Security disability press release it was announced that the combined assets of the Old Age and Survivors Insurance, and Disability Insurance Trust Funds will be exhausted in 2037. This projection has not changed since last year. Everyone in the United States government has known for years that the Social Security trust fund was running out of money and could not be supported by the incoming Social Security taxes. My biggest fear is that the government will take the easy way out and reduce benefits or make it harder for the disabled to get their benefits. Hard-working Americans have been paying their Social Security taxes in the believe that they would have some security if they were to become disabled or for when they retire. I believe it is the responsibility of the federal government to sure up the trust fund and make sure not only that this generation be able to have the security of Social Security disability and Social Security retirement benefits, but also that our children and grandchildren will have that same security. I have no doubt that the Congress and Senate will attempt to do one or all of the following: increase Social Security tax, extend the age of retirement, make rules that will make it more difficult for the disabled to get their benefits and increase the general tax revenues. This seems quite unfair considering one reason, and I believe the biggest reason is our government's mismanagement of the Social Security trust fund. I think it is clear that we cannot wait any longer to address this issue. It is time to make the tough choices that need to be made to save Social Security. Just imagine if Social Security Disability Benefits were not available to those who became disabled. You must also think about the possibility that when you reach retirement age there will be no money to pay you even though you have paid your Social Security taxes your entire life. I am not going to claim that I have the answers, but I do believe Congress needs to figure out a way to sure up the trust fund with the least amount of burden being put on the American people. This is not a political piece as I believe both parties are responsible for the situation. I know in the next election the biggest issue will probably be the economy. However, I think we as American taxpayers should also insist all those who seek office in the next election tell us their plan on how to sure up the Social Security trust fund. We cannot wait until 2037 to deal with this issue if we expect to have any chance of saving Social Security Disability and Social Security Retirement Benefits. If you are reading my blog then chances are you or a loved one is either getting or attempting to get Social Security benefits. Write your congressman and Senators and any candidates running for these offices and ask them what they will do to make sure the Social Security trust fund will be there for you your children your grandchildren and beyond. Let us not let another year go by without anyone having to answer the tough questions about the Social Security trust fund. This is not a political party issue this is an American issue and we need to help get the conversation started even in these tough economic times. To see the full Social Security press release follow the link.