The Social Security Disability program (DI) is funded by a trust fund that is often times looked at in conjunction with another trust fund established by Social Security for Old Age, and Survivor's benefits (OASI). This blog will consider these two trust funds as one, considering the two programs are closely related and when one trust fund is close to financial problems, Congress has often borrowed from the other trust fund to avoid a financial crisis. The outcome of this equalizes the financial outlook for the two trust funds and we will do the same in this blog.
The annual report of the Board of Trustees to Congress provides the financial outlook for the programs and is based upon the assumption that no changes are made to the Social Security Act. The last report, the 2020 Trustee Report (https://www.ssa.gov/oact/tr/2020/), indicates that under the current law, both the DI and OASI trust funds will be depleted in 2035. This report did not consider any potential effects of the COBID-19 pandemic on the Social Security Program.
This is not good news for those who rely on these much needed benefits as their only source of income. Moreover, those of us who have paid into the system but are not yet eligible to receive benefits, likely would get nothing in return.
This is why I implore everyone to reach out to their Congressman and Senator and demand that they fix the OASI and DI programs and trust funds to be fully solvent. It is critical that these programs remain solvent as they provide the only source of income for millions of Americans who are often the most vulnerable of our citizenship. The economic ramifications of millions of people losing their only source of income would be catastrophic. Something needs to be done and time is of the essence. 2035 may seem a long way off, but it will be here before you know it. Take action now and call, write, or email your federal politicians now!