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Social Security disability on verge of insolvency
#2
Don't panic over such news stories. This isn't something new for the 21st century. Claims of potential insolvency have been popping up since the 80's.

Most of the funds deposited into the system are invested in Government Only Treasury Bonds. The problem is, Congress changed the law many years ago to allow the government to borrow these funds against the GOTB's, which was not the original intent of the law established in 1950.

Even with the declining workforce, Social Security is funded through employer and employee contributions. Experts in the field (not the sensationalists) predict that the system will be properly funded through 2037 at the very least, and will be able to pay 100% of benefits. After that, there is expected to be some minimal funding gaps, but even back in 1983, during the Reagan Administration, Congress took action to assure benefits continued.

Remember the August 2011 checks that probably were not going to be sent out ? Same scare tactics.
DISCLAIMER: I am not an attorney. While drawing from my professional training and experience in law enforcement and as a former Paralegal, no comments offered should be considered as legal advice.
 
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RE: Social Security disability on verge of insolvency - LeglEgl - 08-23-2011, 09:08 AM

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