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Truth is in favor of you and me; for the truth of our enemies whom we have been serving here in the U.S.A. for over 400 years (whom we did not know to be our enemies by nature) is the truth that the Black Man must have knowledge of to be able to keep from falling into the deceiving traps that are being laid by our enemies to catch us in their way which is opposed to the way of righteous of whom we are members. ~ The Honorable Elijah Muhammad

Monday, June 10, 2013

Social Security Needs to Prepare for Aging Americans

Social Security is written about almost exclusively in terms of its financial health. Last week, for example, the trustees for Social Security reported that without legislative changes, the program's financial reserves would be exhausted by 2033, and it would thereafter be able to pay only about 75 percent of its legally required benefits. That was the same doomsday year as the trustee's 2012 report, and it was widely interpreted as a sign that the program was in no worse shape than last year. The message: Move on to another news story.

Underneath the headlines, however, the Social Security Administration is struggling to properly meet its obligations to 57 million beneficiaries – 40 million retired workers and dependents of retired workers, 6 million survivors of deceased workers and 11 million disabled workers and dependents of disabled workers. The agency has absorbed stiff budget cuts in recent years and has tried to use technology to replace services formerly done by employees. But the program's own inspector general and a number of outside oversight reports have cited a lack in progress.

The U.S. Government Accounting Office recently assessed how the SSA, which currently has no permanent director, is doing in its efforts to manage its Representative Payee Program. While more than 85 percent of Social Security beneficiaries receive payments directly, about 1 in 7 – or nearly 8.5 million people – are assigned a payee representative to help with their payments, which totaled $72 billion in 2012.  USANews.com...

 

[Read: Social Security Deficit Outlook Remains Unchanged.]


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