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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.

Experts warn, however, that this is in many ways just a band-aid, and that more serious measures will need to be taken fairly soon to avert a looming crisis. Under current funding, the SSDI Trust Fund will need an additional infusion of revenue in the years after 2022.

New York Social Security Disability Claims Attorneys

At Pyrros & Serres LLP, we handle all matters related to Social Security disability claims for people across the borough of Queens and throughout the greater New York City area. We have an established reputation for providing outstanding legal services and obtaining positive results. Many of our new cases come to us as referrals from clients and colleagues.
To learn more about the full scope of our practice, visit our social security disability page on our website.

About The Author

Michael Serres, ESQ.

Michael Serres, ESQ.

Michael Serres, ESQ. is a reputed Workers’ Compensation Lawyer in Astoria, Queens, NY. He graduated from St. John’s University School of Law in 1989. Mr. Serres was admitted to practice law in New York State in 1990 and is admitted in the Federal District Courts for the Southern and the Eastern Districts of New York. He has served on the Board of Directors of the Workers’ Compensation Bar Association and is currently serving on the Board of Directors of the Queens County Bar Association.

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