Social Security Disability Crisis Temporarily Avoided
Astoria, New York Social Security Attorneys
If you rely on Social Security disability income payments to provide for your basic needs, you may or may not have known that a significant portion of those benefits were at risk until just recently. A major crisis in Social Security disability (SSD) funding has been averted, at least temporarily, after President Obama signed the Bipartisan Budget Act of 2015. The budget act suspended the federal debt limit for two years, and introduced a host of other measures, all of which should keep the Social Security Disability Insurance Trust Fund solvent for the present time.
Without these changes, many experts feared that the Social Security Administration would have had to cut all benefits payments by up to 20% before the end of 2016. Lawmakers say the changes imposed by the budget bill should ensure full payments of SSD benefits through 2022. The principal change that will help keep the Social Security disability payment system intact—a “reallocation” of the payroll tax rate, with a greater percentage of payroll taxes already collected going into the Social Security system. Read More
