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Social Security Trust Fund- 2008 Report

Through the years we have all heard dire predictions that the Social Security Trust Fund will be exhausted in the very near future. On March 25, 2008, the Board of Trustees for the Social Security Trust Funds issued a report stating that the solvency of the trust funds remained stable in 2007 and may have even improved slightly.* As reported in 2007, the trust funds’ reserves are projected to be exhausted in 2041.  Trust Fund Data

What does this mean? It means that until 2041, more than 30 years from now, the Social Security Trust Funds will be able to pay 100% of promised benefits. This projection assumes no change in taxes or benefits.

What will this Congress do to protect future recipients? Probably nothing. Since the need is not immediate, I do not believe that this Congress will feel pushed into resolving the long-term solvency issue in this election year. However, the Trustees’ report does note that the Medicare problems are more immediate so perhaps, there is some hope that Congress will act.

* The overall actuarial deficit (i.e. the percent of taxable payroll needed to close the gap) has improved.

Source of information: NOSSCR Social Security Forum

To learn more about social security issues please go to social security disability law.
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NOSSCR (National Organization of Social Security Claimants Representatives) has published the new SSA budget information.  I've recapped the infomation as follows:

Update on the 2008 Budget for the Social Security Administration

Although the Social Security Administration (SSA) did not get the budget it hoped to receive, SSA fared pretty well, given the circumstances. Originally, the House of Representatives and the Senate recommended a funding level of $275 million over the President’s budget. This recommendation was vetoed by the President. Since, there were not enough votes to override the veto, a new bill was drafted. There was talk that most federal agencies would receive only the President’s request.

In the end, the new bill provides SSA with a 2008 budget of $150 million over the President’s request. This gives SSA $451 million over their 2007 level of funding.

The hope is that the $150 million will permit SSA to hire more administrative law judges and staff so that they can move the cases along in a more efficient and expeditious manner.

The President is expected to sign the new bill. If he signs it, this will be the first time in ten years that SSA has received at least the President’s request.



*Source: NOSSCR

To learn more about social security disability law issues, please see social security disability law.  To learn more about our social security disability lawyers, please click on social security disability lawyers maryland, and read our frim bios on Dory Sutker or Suja Varghese. and click on the social security disability law tab.

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