That the Social Security trust fund will eventually run out of its surplus is not the only potential threat to the program according to officials. There is another threat that is much more immediate.
Everyone should be aware by now that the Social Security trust fund will eventually run out of money. However, that is not expected to happen until 2034, which gives lawmakers ample time to work out a solution.
Of more pressing concern is the amount of money the Social Security Administration has to conduct day-to-day operations. The agency is dependent on the annual budget approved by Congress and the President.
As the Washington Post reports, in “Closed Social Security offices, furloughed staff under GOP cuts, agency warns,” it is possible the agency will not receive the funds it needs in next year’s budget.
President Obama is proposing a budget for the agency that is $700 million more than House Republicans propose and $500 million more than Senate Republicans propose. The Social Security Administration believes the Republican proposals could jeopardize operations to such an extent that offices would have to close for two weeks and employees would need to be furloughed. People who receive Social Security benefits might have to wait longer for those benefits as well.
Of course, the agency’s objections could be political. What this shows is that it is not always the issues that get big headlines that could potentially jeopardize Social Security. There are other potential issues elder law advocates and seniors need to be aware of.
Reference: Washington Post (Aug. 9, 2016) “Closed Social Security offices, furloughed staff under GOP cuts, agency warns”