The Congressional Budget Office is reporting that at some point during the next 24 months Obama AND Congress may well raid Social Security funds to the tune of hundreds of billions of dollars, possible topping a trillion dollars in the next 15 years.
The Old Age and Survivors Insurance (OASI), and Disability Insurance (DI) both have their own trust funds. The OSAI fund is big, and there’s enough in the pot for benefits to be paid out for at least the next decade or two. The DI pot however looks as if it will be gone within the next couple of years.
As the law stands once the DI is gone, literally on the day it runs out, DI benefits will be cut by 30% leaving millions of disabled Americans with a massive drop in income. The CBO have not commented on how they think this could be avoided.
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Contributed by Chris Carrington of The Daily Sheeple.
Chris Carrington is a writer, researcher and lecturer with a background in science, technology and environmental studies. Chris is an editor for The Daily Sheeple. Wake the flock up!