Heard on the Hill
Mercatus Center: “There is widespread confusion about the coming insolvency of the Social Security Disability Insurance Trust Fund” …
Regrettably, some use this confusion to avoid taking the necessary steps to reform this critically vital program and instead are only looking to place a financial Band-Aid on a program that is hemorrhaging dollars.
As we await the coming spring release of the 2015 Social Security Trustees report, it’s important to recall that the 2014 report showed a continuation of the current trend toward insolvency of both the retirement and disability trust funds. The trustees last estimated that Social Security’s combined Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds will become exhausted in 2033, less than 20 years from now. While the larger retirement fund is estimated to be depleted in 2034, the disability trust fund will run empty in 2016, right in time for the presidential election. It’s unlikely that the 2015 report will show much, if any, improvement. Read full article here…
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