Recently, Vice President Biden stated, "Number one, I guarantee you, flat guarantee you, there will be no changes in Social Security." Biden's comments follow those made by Senate Majority Leader Harry Reid who said that Social Security "is fine."
This is bad news for those who will see their Social Security disability benefits slashed by 21 percent beginning in just four years unless changes are made, according to the projections in the Annual Report of the Social Security Board of Trustees. According to this same report, Social Security is now permanently paying out more in benefits than it receives in tax revenues. Moreover, beginning in 2033 all beneficiaries will see their benefits reduced by 25 percent unless Congress acts.
Sam Johnson (R-TX), Chairman of the Committee on Ways and Means Subcommittee on Social Security said, "In 2016, Social Security's tax revenues will cover 79 percent of benefits for those on disability. We're talking about real money, especially for those who are getting by on a fixed income. We should fulfill our duty as elected leaders in securing the future of our nation's most important safety net program. Responsible leadership means acting now before it's too late."
It is clear that the longer we wait, the harder it will be to protect benefits for those who rely on them most. A recent Washington Post editorial echoes that sentiment, stating that Biden's position "will make even more difficult the governing decisions that become more expensive and more painful with every year of delay."