Millions of people across Wisconsin and the rest of the U.S. depend on their social security disability check every month as their sole income, or at least the majority of it. This kind of social welfare has been a staple in America since it was introduced by Franklin D. Roosevelt, and it has faced its share of opposition. But, if nothing is done soon, the 11 million people who rely on the program could lose about 20 percent of their benefits.
The social security disability fund is running out at what seems the most inopportune time: election season. As such, many politicians do not want to make a move either way on the issue. If nothing is done, benefits could drop from about $1,000 a month to about $800. In addition, benefits will likely not increase with the cost of living this year.
To add to the issue, the fund running out could mean increases in outpatient insurance coverage to about $160 a month. While this may seem insignificant, for beneficiaries who rely solely on their social security as income, it is a major blow.
On the back burner, the Medicare fund is also on its last legs, scheduled to dry up by 2030 if nothing is done. Most analysts say the Baby Boomer generation reaching retirement age is the reason for the funds running out, but with an ever-rising population, more and more Americans will eventually rely on welfare to survive.
Anyone who has been denied social security benefits should contact an employment law soon to examine their options.
Source: Seattle Times, “Report: Social Security disability fund to run dry next year,” Stephen Ohlemacher and Ricardo Alonso-Zaldivar (AP), July 22, 2015