Should We Worry About Social Security Disability Benefits Budget?
Terry Katz & Associates | September 16, 2018 | Last modified on December 19th, 2018 | Social Security Disability
As many Americans may know, the United States government is not always good at maintaining a viable and sustaining budget. Unfortunately, such oversights have led to major budget deficits in numerous areas, including the Department of the Interior, Medicare, and Medicaid and the Social Security Administration. This may ultimately affect current recipients of Social Security benefits or those in the application process, but not for a while at the very least.
According to statistics from 2013, there were over 11 million Americans who collected some form of Social Security Disability benefits. On average, recipients received approximately $1,150 per month. For families with more than one person on the program, the average monthly amount was $1,973 per household. This amount is not meant to fully replace what would have been earned by a disabled person, but rather to supplement and help cover the cost of living expenses.
But, it’s not necessarily all doom and gloom. It appears that the U.S. Congress is talking and looking for ways to resolve the issue. If recent history is any indication, an answer may not come quickly though, as Congress is notorious for not promptly addressing all issues, including Social Security.
It has not yet been determined how the U.S. government will address the budgetary problems of the Social Security Administration or any other government programs. However, it should be noted that the deficits have not yet affected any disabled American currently on the program, nor has the SSA restricted the application process by denying anyone who qualifies.
Source: CNBC, “The Social Security disability fund is disabled,” Phil Moeller, Sept. 7, 2015