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Social Security Trustees Release Annual Report to Congress
WASHINGTON, D.C – The Social Security Board of Trustees, a six member bipartisan panel that oversees the financial operations of the Social Security Trust Funds Administration, released their 2006 Trustees Report Monday, reinforcing predictions that Social Security cannot pay full promised benefits to future generations, due to our country’s changing demographics.
“Today’s report reminds us of why Social Security reform and overall entitlement reform is so important,” said U.S. Rep. Ron Lewis (KY-02), a member of the Ways and Means Social Security Subcommittee. “The facts of this report are undeniable. Millions of baby boomers are nearing retirement while the costs necessary to sustain Social Security and Medicare are growing exponentially. This report should refocus our concern and reinvigorate our efforts to address the serious challenges these programs face.”
The Trustees report warns that Social Security tax revenue will fall short of benefit costs beginning in 2017. By 2040, with trust fund revenue exhausted, Social Security will be sufficient enough to finance only 74 percent of promised benefits. The Trustees project that benefits will have to be cut 27%, or the payroll tax will have to be increased by 50%, to pay full promised benefits.Read more at house.gov
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Did You Know?
Alzheimer's Disease is a disability
A progressive, irreversible disease characterized by degeneration of the brain cells and serve loss of memory, causing the individual to become dysfunctional and dependent upon others for basic living needs.
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Latest news about Disability cases in Michigan and nationwide:
Definition:
The provision that permits the exclusion from earnings of the costs of items and services which are needed in order for a disabled individual to work, which are paid for by the individual, and which are necessarily incurred by that individual because of a physical or mental impairment.
Auxiliary Aids and Services
Definition:
Devices or services that accommodate a functional limitation of a person with a communication disability.
Mandatory Supplementation
Definition:
The supplementary payments that are made only to beneficiaries who were converted to the SSI program from former State assistance programs at the inception of the SSI program.
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