[quote=bearishgurl]Cuts need to be made to the SSD an SSI programs. I believe these programs are in whole or part funded from FICA taxes which also funds the OASDI program (all are Social Security Admin programs).
I know a couple of handfuls of able-bodied American adults of working age that have collected $1800-$3000 mo SSD for many years. My OASDI benefit (if its still there when I’m old enough to claim it, lol) won’t be anywhere near that. If mine and my employers’ original contribution on my behalf will not even be available for me, I think it is only fair to pay me the lump sum now.
And I don’t think recent immigrants should be eligible for SSI benefits. They didn’t feed anything into the system, entered the US at an advanced age and their sponsors swore to the INS on affidavits to support them for life as a condition of their legal residence in this country.
IMO, Social Security reform needs to be undertaken ASAP. It’s a ponzi scheme in which benefits will likely not be available in the future except to maybe the first five years of baby boomers . . . for a limited time.[/quote]
SSI is entirely funded through the general fund. SSD through the SS fund.
And I agree with you entirely that SSD needs to be tightened up. It is way too easy to qualify.
But I reject the whole ponzi scheme. It is a defined benefit plan, that is projected to be fully funded, without any changes, until 2039. THe just ended recession and continued unemployement has knocked about 4 years off that estimate. (It was 2043 until a couple years ago.) That will take the oldest baby boomers thru about age 95, the youngest to about 75. A 1% increase in FICA taxes would extend it indefinitely, as would uncapping the FICA taxes.
