Anyone who has sought Social Security disability benefits knows how nerve-wracking the process can be. Disabled workers already face financial difficulties, so not knowing whether you will be able to receive financial assistance from Social Security compounds your worries. Thinking about the fate of Social Society makes things even worse – Will the amount of benefits stay the same? For how long? Will application criteria become more stringent? Will Social Security go bankrupt?
Congress and Presidential hopefuls have not given us much of an answer. After the last minute deficit deal in August, Troutman & Troutman, P.C. founder Steve Troutman remarked, “I am pleased that Congress and the President were finally able to reach an agreement on the debt ceiling issue. However, I remain concerned that the issue has simply been postponed until next year’s elections.” The concern is that this sort of politics makes for good news headlines, while the people whose day-to-day lives depend on Social Security are the ones who suffer the most.
The debt crisis back in July and August reached a temporary solution, but we still await a permanent one. Two phases of cuts will reduce $1 trillion and then $1.5 trillion from the federal deficit over the next decade. The good news is that the following programs are exempt from the cuts: Medicaid, Social Security, salaries for military service members and Veterans’ benefits. With large numbers of people still unemployed and tax revenues dwindling, it is hard to imagine where the cuts will come from. We may not see direct cuts to Social Security, but we should definitely expect some changes.
Have you made adjustments to your lifestyle based on uncertainty surrounding Social Security?
Troutman & Troutman, P.C. – Tulsa Social Security disability attorneys