With Looming Budget Cuts, Getting Approved for Disability Social Security Can Become Tougher

Budget Cuts Can Make Getting for SSDI Harder for Millions of Americans

 

For people living with disabilities, it’s been a case of “do you want the good news or bad news first.” Let’s begin with the good: based on several reports the lifetime of the Social Security Trust Fund has been deemed slightly healthier. This means the fund will have enough money to support the agency’s initiatives until 2028—a full five years longer than initial forecasts.

Now the bad news: the larger-than-expected fund is caused by a massive backlog in social security applications and payouts. It’s been revealed that people who have been rejected previously for disability social security benefits have to wait a record 596 days or 19.5 months before hearing anything back. This is up from 545 days in September of last year, and markedly longer than the 353 processing days in took in 2012 — an increase of over 54%. Read more from this blog: http://bit.ly/2wOj5eD

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Disability Social Security Funds Outlook Seen as Bleak in the Coming Years

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Recently, the Social Security’s board of trustees released a yearly report on the long-term financial health of its trust fund, saying that the numbers will likely drop in 17 years. These funds come from the Social Security taxes that both employers and workers pay, which are also invested and used to provide retirement, survivor and disability benefits to around 61 million Americans.

Unfortunately, disability social security is one of the programs that will be greatly affected if the gloomy prediction about the trust fund comes true. According to the report, the asset reserves of the Old-Age Survivors Insurance and Disability Insurance Trust Funds reached $2.85 trillion last year. That’s $35 billion higher than in 2016 and the figures are expected to continue increasing in the next few years. Read more from this blog: http://bit.ly/2vaNyEo

Labor Force Participation Is Key Assumption Behind Proposed Disability Social Security Budget Cuts

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Before he became commander-in-chief, President Donald Trump swore to his supporters that there would be no cuts to Social Security under his administration. That was then. Today, social security is facing significant budget cuts. In fact, it might not even survive during the ten years that it would gradually lose funding.

Drastic Budget Cut on Social Security Proposed Over The Next 10 Years

According to budget director Mick Mulvaney, the Trump administration is proposing a massive $72 billion spending cut on both disability social security benefits and Supplemental Security income. If approved, the said cuts would be done gradually over a span of 10 years. Previously, the Social Security Administration has already undergone a 10 percent budget cut back in 2010. Read more from this blog. http://bit.ly/2uYtPFP