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Social Security Disability Fund Will Be Broke Next Year
Submitted by Veronique de Rugy via Mercatus Center,
The 2015 annual report from the Social Security Board of Trustees shows that the program’s disability component is in immediate trouble. Data from the latest report show that the disability fund will be depleted as soon as next year and unable to pay full benefits to beneficiaries.
This week’s first chart uses that data to show total income, expenditures, and assets in the Social Security Disability Insurance (DI) trust fund going back to 1980. The chart shows that the trust fund has been operating under deficits since 2009, as shown by the decline in the trust fund (green bars) and ever-growing gap between the payments (red line) and receipts (blue line).
Those deficits have been financed by redeeming nonmarketable government securities that were accumulated over the years when the program was bringing in more revenue than was being paid out. The government spent the surpluses on other government programs and credited the fund with the securities. But because the securities are nonmarketable, the government had to use general federal revenues to “redeem” them once the DI fund started to run deficits in order to cover the difference. With the illusion of the DI trust fund about to disappear, policymakers have no choice but to finally confront the financial imbalance that actually began years ago.
That means confronting the growth in disability benefits, which have exploded over the past decade. The second chart shows the dramatic inflation-adjusted rise in benefits since the program’s inception, which have doubled in real terms (from $70 billion to about $142 billion) between 1998 and 2014.
It will be tempting for policymakers to avoid the politically difficult decision to rein in benefits by a temporary fix, like raising payroll taxes or shifting “assets” from the regular Social Security trust fund to the DI component. These short-term fixes would worsen the Social Security system’s long-term structural imbalance, while inflicting damage on the US economy.
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Don't worry, they can pull forward the date regular SSI only pays 77% from 2030 to 2020.
I've never expected to get a dime from that system. I can't stop them from stealing it from my paycheck every other week. But I know I'll never see a dime. So I have prepared for that eventuality on my own rather than depending on the treasonous gov-scum:
Got silver????
yep
Nope.
Check out this list;
http://www.losthorizons.com/BulletinBoard.htm
Get a copy of Cracking the Code. Read it and apply it.
The list speaks for itself. There some good Youtube videos also.
God bless Pete Hendrickson. God bless the internet.
The social security trust fund should have enough money to go another 20 years, but they don't. The congress stole it for other programs, and left worthless IOUs instead in the fund.
Next time you hear about social security retirees taking money from the young, remember this, they paid in more than enough money, but the congress stole it.
"Social Security Disability Fund "
So, the 75% on SS Disability who are perfectly capable of working might have to GET A JOB?!?!?
Of course not. That would be the honest thing to do as well as take them off of the gubmint dole.
The FSA marched on. Forward!
White folk welfare - sad but true.
Easy solution...stop the MIC and it's wars of aggression = a significant reduction in healthy (albeit naive) young men and women being turned into crippled head cases.
Next time someone tells you old folks paid into SS and Congress stole it, remind them that the old folks voted for Congress and by extension approved that spending.
SS doesn't exist in a vacuum. Where did the money go? Well, there's Medicare, for one, being drawn on by essentially the same pool of people. Now consider SS and Medicare together and do the math again.
And for that matter, who kept electing members of Congress as they looted the SS fund? Pretty much the same pool of people, again. You can only play the game of "die before the gravy train runs out" for so long.
reminds me of dumb and dumber when the henchmen open the briefcase and instead of a million dollars it's filled with 1 million dollars worth of hand written IOU's.
oh wait this is my retirement trust fund oh crap.
Is this for real?
Pete Hendrickson was sent to prison for his writings...
http://www.constitutionpreservation.org/articles/may-7-2010/cracking-cod...
No, he was sent to prison for filing false tax returns.
I hate the IRS just as much as anyone, but we have a name for tax protestors:
"Inmates"
They will steal from ME and my generation under the guise of borrowing from my mother-in-law and call this a solution and leadership -and fairness.
What a damnable pagent of frauds...
my 96 year old mom is still getting hers of course without the COLA....
and as soon as it arrives it gets converted into the only 2 forms of real money by - wait for it - ....
Kaiser Sousa.....
DEATH TO THE MONEYCHANGERS.
She's still getting Social Security Disability fund payments at age 96? Or did you mean she's getting Social Security payments?
There are two separate Social Security trust funds, the Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement and survivors benefits, and the Disability Insurance (DI) Trust Fund pays disability benefits.
While the disability-insurance trust fund could run dry as soon as the end of 2016, the old-age and survivors’ fund is expected to be depleted in 2035 – assuming it’s not tapped to backfill the disability fund.
http://www.ssa.gov/news/press/factsheets/WhatAreTheTrust.htm
She's still getting Social Security Disability fund payments at age 96?
I believe that if you are on SSDI at age 65 it gets changed over to regular Social Security payments.
Hate to break it to you, but neither "fund" as any money. CONgress robbed them blind thirty years ago; for every real dollar the stole, they would put a 30 year treasury in it's place, dollar for dollar. So while they may say there is "X" amount of dollars in the funds, there really is only long dated notes in there. The government never should have been in the retirement/insurance business. YOU CAN'T TRUST A POLITICIAN WITH MONEY FOLKS, THEY WILL STEAL IT EVERY TIME, WHAT IS SO HARD ABOUT THAT CONCEPT TO UNDERSTAND?
Save_America - I always internally justified my "contribution" to Social Security as a transfer payment to my mom and dad and to my wife's mom and dad. Like you, I don't expect to see any of my contributions returned to me (and I'm coming up on age 60 in three weeks). But somehow, figuring my parents got the money directly from me makes it seem, if not okay, then at least bearable.
This is why we're in trouble: Playing Mind Games instead of doing something, convincing another individual in the crowd that theft in any form of someone else's life is not allowed - Ponzi schemes included.
I've always wondered why its called a "trust" fund when it is filled with worthless IOUs
I've always wondered why its called a "trust" fund when it is filled with worthless IOUs
What most people don't realize is both regular Social Security and the SSDI funds were both solvent and had plenty of money to pay out well into the future. That was until the ASSHOLES in CONgress started raiding the funds to pay for all their PORKBARREL projects and replacing the STOLEN money from the funds with the "worthless IOUs" that you refer to (I believe at some point about 20 years ago they changed the law to allow this - isn't that special??). As far as I am concerned every member of CONgress that was involved in this robbery should be taken out of office and thrown into prison for life.
Social Security, like any other government program, was doomed to fail from the start. It is a classic poni scheme, except for the part about being forced to pay.
You think the FeedGov will suddenly kick millions of immigrants off of the public dole? I don't mean the hispanics, I mean the Cambodidans, the Russians, the Chinese, and all the rest.
Disability and welfare is just one part of the Bread of Breadand circuses.
BTW, this is like the 6th or 7th time this type of article was posted. FEAR PORN!
The disability payments will continue. The only question is where the money will come from.
The same place that eagle guano comes from.
I talked with a rural physician who told me how whole families come in trying to qualify for disability. It pays better than welfare and lasts forever. One parent will come in. Then the next. Then they bring in junior for ADHD or something else they learned they could get. The whole point is to get all the family in the trailer qualifying for everything and anything they can get.
This is how entitlement programs work in the real world.
Bet you can't just eat one Lay's potato chip.
Go ahead and eat them claim disability. We'll just make print some more (fiat).
exactly.
going broke vs inflation
You arent broke till you are dead in this scheme
They dont seem to have any fear of running it into the ground, for some reason.
I think I might be injured here Cog working for the City of DBA as blah, blah. I have fallen and I can't get up. I need an attorney STAT!
Sorry folks, its math.
Yeah, math-disabled banksters have received billions in .gov handouts.
Bruce has this down best - from 3/2013 http://brucekrasting.com/chief-actuary-for-ss-raid-the-retirement-fund/
Bruce has indeed been beating this drum like an over caffeinated beatnick.
-Kudos and respect to him.
I was actually wondering when he would post an update to his calculations. Good man that Bruce.
SSDI exploded because even after congress extended the emergency SSI benefits to 73 weeks there were millions who still did not have (want) work. SSDI was a permanent solution to their (unemployed) temporary problem.
If folks on SSDI also get Medicare you have to wonder if standards were intentionally loosened by the Obama administration so the ACA would not "officially" break the budget.
janet will pay for it
Relax!!!
All we need to do is to get rid of 99% of those disabeled units?
Isn't there a triage and disposal system that can solve it?
Or will it just be done with "smart" accounting tricks?
Unfortunately, the VA seems to be doing their part.
cloward-piven at it's finest. thanks obola!
Oh one more thing. There aint no printing a way out. Its done.
I got disability!!!! Si se puede, si se puede. Never paid in, ha ha ha ha.
Send my checks to Mexico. Ha ha ha ha. I will be on the beach, la playa, and being waited on by big breasted Latinas with Margaritas in hand. Si puedo. I will have a gardener and a maid. Ha ha ha ha the good life, The American Dream. I am living it, free shit everywhere. Free shit in the mail. Tell those lemmings to keep paying in, I need my checks. This is G r e a t!!!!!!
Don't tell the stinking mud people the stupid Germans are pissing their pants welcoming in - to love, obey and support with free shit forever, the Muds might want to vacate to "murica instead - it would break Merkel's heart, she worked so hard to kill Germany.
Hint: If you want to retire these days you have to go by the route of the financial services. I know so many people that could work. You know like construction jobs building infrastructure throughout the United States but are on disability instead. They get the doctors to prescribe psychotropic drugs and then go on disability. Something has to give.
I really need to look up that idiot who insisted to me that it can't be a ponzi because it has trustees.
IMO The Social Security System has been broke for a long time. WARS are not cheap to fight in and of course we need troops all over the globe b/c we are the Policeman if the world. This country is so full if shit. Everything they say just turn it around completely and usually you will have the correct answer. We were supposed to take our troops out of Afghanistan but NO Big Pharma said we need to have them protect the poppy fields b/c heroin is a top seller along with Percocets back in the USSA. Hahahahahahaaaaa. This fucking country is one Big Joke and it's on people like you and I who want to do the right thing. Aaaaaarrggg Aaaaaarrggg AAAAAARRGGG
IMO The Social Security System has been broke for a long time. WARS are not cheap to fight in and of course we need troops all over the globe b/c we are the Policeman if the world. This country is so full if shit. Everything they say just turn it around completely and usually you will have the correct answer. We were supposed to take our troops out of Afghanistan but NO Big Pharma said we need to have them protect the poppy fields b/c heroin is a top seller along with Percocets back in the USSA. Hahahahahahaaaaa. This fucking country is one Big Joke and it's on people like you and I who want to do the right thing. Aaaaaarrggg Aaaaaarrggg AAAAAARRGGG
IMO The Social Security System has been broke for a long time. WARS are not cheap to fight in and of course we need troops all over the globe b/c we are the Policeman if the world. This country is so full if shit. Everything they say just turn it around completely and usually you will have the correct answer. We were supposed to take our troops out of Afghanistan but NO Big Pharma said we need to have them protect the poppy fields b/c heroin is a top seller along with Percocets back in the USSA. Hahahahahahaaaaa. This fucking country is one Big Joke and it's on people like you and I who want to do the right thing. Aaaaaarrggg Aaaaaarrggg AAAAAARRGGG
WARS are not cheap to fight in and of course we need troops all over the globe b/c we are the Policeman if the world. This country is so full if shit.
Absolutely! Those assholes in D.C. can fly a helo into Iraq with 8 billion dollars and start handing it out to bribe the guys that were killing our troops (to stop it) but they can't find a way to fund the SSDI program to help people that really do need it (and have paid into the system for most of their working lives)? I realize there are scammers out there playing the "disability game" but the bulk of the people that receive the SSDI payments really are disabled and do need the money to survive. The way the government funds are prioritized by the clowns in D.C. makes me sick to my stomach.
Thanks for backing me up Mr. Wang. I appreciate your support sir.
I have an uncle who played the SSDI system for years - he probably still does, though I don't have much dealings with many of my relatives. Why would I? They're a bunch of white-power racist fucks who hate America.
He was too hurt to have a full-time job, yet not hurt enough to run around doing things for fun. Sounds like whitey to me - always trying to scheme money from someone in return for nothing.
Turn off the TV. You never hear stuff like that from people that dont watch the flippin tv. Please turn that thing off now.
It's called "TeeVee"
It's the new "in" word....
Wow, "white power", "racist", ""Murica hating" ! Are those the people on SSD ? Really ? All the buzzwords of a dumbed down liberal "merican.
"He was too hurt to have a full-time job, yet not hurt enough to run around doing things for fun. SOUNDS LIKE WHITEY TO ME- always trying to scheme money from someone in return for nothing. "
HE IS A NIGGER. Neither race or ethnicity has anyhing to do with it.
FUCK HIM. FUCK THEM. Of ANY/ALL races/ethnicities.
FUCK THEM.
Throxx- I always said I knew way more niggers with white skin than I knew with black skin.
Washington spends every dollar as soon as they get it. The fund is an accounting fiction.
140% of every dollar they get.
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=200
https://www.nationalpriorities.org/budget-basics/federal-budget-101/spen...
http://www.usdebtclock.org/
(broke)
What did you think those Fed idiots, that are constantly in any news source, were doing?
A few article up you can read about the bleeding Chicago school system. You can read about the new VA hospitals in Denver that are 5x the original budget. Socialism Security raised the retirement age to stall insolvency. No government run agency is solvent, projected solvent or will stay solvent for long. It is the nature of the beast. There are no cost controls and no incentives for efficiency. It is a rule driven demand system.
I cannot wait till we have the Department of Global Warming, too. That will be a new gem of an agency that will produce nothing but rhetoric.
you are never broke when you have a printing press....I am BEN!
You cannot taper a Ponzi Scheme. - some dude.
The Social Security system is gonna be turned over to the Wall Street criminals and they are:
1. Going to suck every last dime out of it,
2. Bankrupt it, and
3. Impoverish every last person in America's asses,
... which was their goal all along.
They make money off ya when ya don't have any power to defend yourself. They will drive every last one of us into the fucking ground and have us all working for 10 cents a FUCKING day.
EVERY LAST FUCKING ONE OF YA'S!!!
ALL OF US ARE GONNA BE BE BEGGING FOR 10 CENTS A DAY.
ALL OF US.
THEM?
HA!!!
FUCK YOU.
If not for the Monica Lewinsky affair, Clinton was preparing in 1999 to let Wall Street investment bankers take over administering Social Security funding. Those banksters would have invested in the stock market starting in October 2000, just in time for the dot.com crash.
http://www.counterpunch.org/2004/10/30/how-monica-lewinsky-saved-social-...
Just give me an opt out clause. That's all I ask. Obama can KEEP the hundreds of thousands I've already paid into "my account." I just want my liberty back for the last 30 years or so of my working life.
But that would never happen? Why? BECAUSE IT'S A BLOODY PONZI SCHEME!
this year, as I've said before.
https://en.wikipedia.org/wiki/Fiscal_year
The government spent the surpluses on other government [pork barrel] programs and credited the fund with the [worthless] securities.
Just fucking beautiful! I swear, someone (or a group of someones) needs to do something about these criminal assholes in D.C. before they flush the whole country down the toilet. Oops, based on where things are at it looks like it's too late . . .
5 trillion dollars they robbed from the SS system to fight wars, poverty, drugs, and welfare programs.
Yea,,, the boomers didn't pay enough,,, some say.
Ha Ha!
- Nelson
I will be dead by the time I have anything to do with social security and I am Gen X. Social security bullshit has never even hit my radar screen. Non-factor.
who cares they'll just pull money from the general fund like they do with SS and problem solved. the Fed will keep printing until it all comes crashing down.
Back to Faux news. With that Irish big mouth O'Shit Head. Then another fucking scum APAIC lover,Hannity. Fucking brick head. Fat fucking white NEO fucks. On other side,FSA fucks. No winning with dumb fucks.
People started to become 'disabled' during the recession in 1990. It also didn't hurt that the government relaxed the disability eligibility requirements right about that time. The effects can all be seen on the Benefit Payments chart above.
Amerika Land of the UNFREE and Home to the SLAVE. Wake up SHEEPLE. THIS Government is fucking everyone of us so hard that we ALL will need Plastic Surgery you stupid SHEEPLE.
There is no "fund". I hate hearing that there is one.
Cmon, you guys are printing close to a Trillion dollars a month. How can any part of the US Government run-out of money? Where's this money going??? To the insolvent banks???
The US is fucked, but, come on, it's been really, really, really obvious since 2001, so there's no excuse for not either copping out, playing along, profiteering or pretending, the last of which is what I think is really happening.
I've heard they used to say, in the Soviet Union, "we pretend to work and they prentend to pay us," which rougly translates into "the money is worthless."
For what it's worth, the warnings have been everywhere, for a long time. If you don't survive, it's on you.
Free markets forever.
Curiously the regular Social Security ponzi may be getting a few years of reprieve. The low interest rates are forcing 62 to 70 year olds to hold off collecting their checks until they hit age 70 (benefits rise 8% a year from 65 to 70 if you wait). Instead, they are working up to age 70.
My intention was to wait until 70 as the scheduled payments were $500+ more per month. I would have given up about 100 grand by waiting. I figured out that just to make up for the 100 (break even) would take me until age 85 with the extra $500?? But what if I didn't live to 85?? What if the .gov ran out of money?? I've got to live until age 80 just to get back what I paid in which means theoretically interest will not be paid until after 80. Barring the probable holocuast that is coming I intend to live that long just out of spite. Excuse me now, I'm going out to the garden with my flashlight and pick some tomato's. They contain antioxidants you know.
Given the large number of dead beats on the disability rolls, duck 'am. Weed out the trash.
Crackdown on phony disability and you'll cut the problem in half.
There are only two problems I see with the Trust Fund: there is no trust and there is no fund. Other than that, it's been wildly successful.
Social security disability payments vary depending on what you paid in. It is just what you would have gotten at full retirement age except you get it sooner because you are disabled. So someone who had a good job and became disabled at 55 gets alot more than a minimum wage worker who becomes disabled at 35. Children or anyone who did not work are not eligible.
Not in most cases. My mentally handicapped cousins have never worked a day in their lives, and they have received SSD every month for over 30 years.
Problem solved:
* Tax the churches (or at least tax the ones that don't sign loyalty pledges in the form of an "Equal Opportunity Congregation").
* Tax Roth IRAs. Yeah, we "promised" we wouldn't do that.
* Require X% in gov bonds to qualify for IRA status.
* Additional "Long Term Disability Insurance" individual mandate for purchase. After ACA's mandate, everything is a tax, so we can be forced to purchase ANYTHING (guns, gym memberships, broccoli etc.)
And much, much more. All of these things will come to pass before the great Utopian Social Security Administration will cut anything from anyone.