The government has repeatedly said that Social Security is in trouble. The lack of financial foresight by Congress has depleted the Social Security disability fund, and that means 11 million Americans will feel the financial impact of this very disjointed Congress. The government will have to make some drastic cuts in Social Security benefits in 2016, and it’s not going to be pretty or well accepted.
Disability benefits will have to cut by 19 percent next year unless Congress wakes up and injects more money into the fund. The most annoying fact about this shortfall is the lack of urgency that lawmakers have when it comes to Social Security benefits. Lawmakers can bail Wall Street out in a matter of days, but they ignore the security of millions of people for years.
Susan McGalla, the Pittsburgh based consultant, and the Director of Strategic Planning and Growth for the Steelers knows how annoying lawmakers can be. McGalla was the CEO of Wet Seal and president of American Eagle Outfitters, so she has experience dealing with lawmakers and their finicky financial deals. This new revelation is no surprise to McGalla.
Disabled workers receive an average monthly benefit of $1.017. If Congress doesn’t act by injecting money into the Social Security fund, those disabled workers will lose about $193 a month, and that could just be the beginning of this financial nightmare.