According to the Washington Post, Reps. Tom Cole (R-Okla) and John Delaney (D-Md) introduced a bill to the House on May 30 that would create a bipartisan commission to improve Social Security. The news outlet reported that Cole and Delaney proposed a 13-member bipartisan Social Security Commission that would have a year to come up with a “list of recommendations for improving the program.”
As it stands, the Social Security Administration has enough funding to pay full benefits through 2033, the Post reported. After this time, the paper reported that only 75 percent of scheduled benefits could be paid.
Additionally, it has been reported that Social Security Disability Insurance (SSDI) has more immediate needs, as it it is funded separately from other programs. The Post reported that the program could run out of funds as early as 2016, unless Congress acts.
“The nice thing about acting now is we can make very small changes and strengthen the program for 75 years,” said Delaney in a phone interview, according to the Post. “If we wait, we can still make changes but they would have to be drastic changes.”
Delaney told the news outlet that he is in favor of “increasing funding for Social Security benefits by raising the maximum taxable income and introducing a new threshold to increase payroll taxes paid by higher earners.”
Meanwhile, the Post reported that Cole said he supports gradually raising the retirement age for Americans and changing the way cost of living adjustments are calculated.
The commission would reportedly have to create a list of recommendations for making the Social Security trust fund solvent for 75 years, the Post reported. Leadership from both parties would appoint its members, and President Barack Obama would appoint a 13th member.
Any recommendations made by the commission would then need to be approved by the House and Senate.
How Do I Know If I Can Collect Disability?
If you are disabled and unable to work, you may qualify for SSDI or Supplemental Security Income (SSI) benefits. The Social Security Administration (SSA) requires applicants to show that they cannot do work because of their medical conditions. They also must have earned work credits for SSDI eligibility.
If you have a disability that leaves you unable to work, do not hesitate to contact our Tulsa Social Security disability lawyers for a free consultation.
Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers