Omaha disability attorney Tim Cuddigan explains the annual report about the financial condition of Social Security trust fund once again calls for Congress to take action to properly fund Social Security. The financial condition of the disability portion of the trust fund is the matter of immediate concern as it will not be able to make full payments to disability beneficiaries in 2016 unless legislative action is taken.The condition of the retirement portion of the trust fund is secure until 2033. The immediate issue however is the need to boost the reserves of the disability portion of the trust fund. In the report delivered May 31, 2013, Acting Commissioner, Carolyn Colvin, called on Congress to act to ensure the solvency of the progam. “The projected year for Disability Insurance Trust Fund depletion remains 2016, and legislative action is needed as soon as possible to address this financial imbalance.”
Charles Blahous III, one of two public members of the trustees group, said that while Congress could decide to correct the shortfall in the disability program by moving tax revenue away from Social Security, that would only worsen the funding problems facing the Social Security retirement program.
The legislative solution to the funding problems for Social Security has proven difficult because of the political dangers of any agreement that would reduce benefits for millions of Americans or raise taxes to cover the projected shortfalls. For more information see http://www.ssa.gov/pressoffice/pr/trustee13-pr.html