According to the 2015 Social Security Trustees Report, the Social Security Disability Insurance (SSDI) Trust Fund is on course to run dry in 2016, six decades after the program began in 1956.[1] Absent reform, disability benefits will be cut across the board by almost 20 percent, and the average disabled worker’s benefit will fall below the federal poverty level.
Social Security’s Disability Insurance (SSDI) program has existed for nearly 60 years. Over that time, it has morphed from a relatively small-scale, anti-poverty program into a massive system that provides benefits to one out of every 20 working-age individuals. Despite its size and expense, the program fails to keep millions out of poverty.
The 2010 annual report by the Social Security trustees has been released. It comes as no surprise that the Trustees Report predicts massive and permanent yearly deficits if the Social Security system is not reformed. Though the report shows that Social Security payments are secure for another five years, Social Security already owes $7.9 trillion more in benefits this year than it will receive in tax revenues. The time for reform is now delay will only make each challenge and problem harder to fix. Heritage Foundation financial and pension expert David C. John examines the findings of the new Trustees Report and explains what they mean for Americans.
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