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The current state of Social Security in the United States

Many Tennessee residents who have suffered from a disability may need to rely on benefits from the Social Security Disability Insurance Trust Fund. According to statistics published in December 2014, around 11 million American citizens receive Social Security disability benefits. The average amount of SSD benefits received monthly was $1,000. However, the Disability Insurance Trust Fund is set to run out of money by 2016 if no further steps are taken by the government. This will result in a 20 percent decrease in Social Security payments received by disabled people.

The steps contemplated by the present administration and Congress will provide only a stop-gap solution, thus neglecting the root cause of the problem. Previously, such crisis situations were avoided by reallocating funds from the Old Age and Survivors Insurance Trust Fund to the disability fund. However, according to some this solution doesn't address the problem of funding, but only ends up reducing the life of the Old Age and Survivors Trust Fund.

Legislation is being proposed to increase Social Security taxes in order preserve the fund for future generations. The proposed increase will affect only 10 percent of the population but will ensure solvency of the fund for next 45 years.

Many would say that the problem with Social Security needs to be fixed from its roots. The reallocation of funds, the reduction of benefits and an increase in taxes are only temporary solutions. The government and the administration should set political differences aside and come up with a permanent solution to the problem so that Americans continue to enjoy Social Security disability benefits.

Source: Forbes, "Social Security Could Be In Worse Shape Than We Thought," Jamie Hopkins, Feb. 18, 2015

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