There was recent good news for the famous, or rather infamous, disability trust fund. For those who are not aware, the trust fund is a government asset which can be and often is used to help pay disability benefits when the volume of claims do not keep pace with revenues from payroll taxes.
There has of late been a lot of concern that this trust will be depleted. At one point, as late as last year, experts in charge of the fund predicted it would be out money by the end of 2032, which, in the grand scheme of things, is not a lot of time. However, in their annual report for this year, the same group said they expected the fund to last until 2052.
Those making the report attributed this positive development to a declining number of people who are on the disability roles. In recent years, the economy has been strong, and there have thus been more job opportunities to go around.
As is usually the case, in a strong economy, even those suffering with a serious illness or injury may be able to find work and thus not think to go on disability. Should the economy show weakness, the current prediction will likely need to be revised.
Still for Philadelphia residents, this should reinforce the notion that at best, the alleged Social Security funding crisis is exaggerated and, at worst, non-existent. After all, the trust fund is not even strictly necessary to keep the disability program going, although not having it would mean about a 10% reduction in benefits.
Unfortunately, people, including those who make decisions about Social Security benefits, often have the notion of a funding crisis in the front of their minds. For this and many other reasons, it may be important for a disabled Pennsylvania resident to have an advocate at their side who help them make their case.
