Social Security 2017 Trustees Report
Reading Time: 1 MinuteLast Updated: July 13, 2017
Today, the 2017 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds was released. To learn more, please visit http://ow.ly/crq630dC1i8.
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Nancy Berryhill, Senior Advisor, Office of Operations
Nancy Berryhill, Senior Advisor, Office of Operations
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Hospitals &.
Fiscal Year 2018 HA-14-7-17 http://www.title24uscode.org/ss18.pdf
This July 16th re-appraisement of Agency FY 18 budgets under Annualized Continuing Resolution for Fiscal Year 2017 (CR17) produces a budget surplus FY 18. The surplus cannot be attributed to any cruel and unusual budget cuts of civilian officials to levy war, unlikely to prevail in any Departments but Labor and Commerce, health insurance overestimates distorting totals are un-abolished, the FY 18 budget surplus is the product of accurate accounting of the supporting documentation of the agency outlay edger by HA. This FY 16 – FY 18 budget provides the most secure Treasury total outlay estimates for the year end production of undistributed offsetting receipts, to settle disputes regarding normal agency outlay growth, to produce a budget surplus FY 18 surplus, that can be sustained with or without taxing the rich to end poverty by 2020. Because of extra time it takes to codify the fiscal year budget that is due on July 16th, social security and other national welfare claim parts will be finished and book finally edited before the total eclipse on August 21, 2017.
The Treasury may choose to retroactively abolish the refundable premium and cost sharing reduction subsidy to health insurance corporations, including those who fled, with profits more than 10% from FY 16, to turn the -$63 billion budget deficit into a + $16 billion surplus FY 17 under 26USC§6401. All Congress is requested to do is vote to tax the rich the 12.4% OASDI tax on all their income to end poverty by 2020 and end child poverty in 2018 by repealing the Adjustment of the contribution and benefit base under Section 230 of the Social Security Act 42USC§430 on October 1, 2017 the first day of FY 18.
There are five rows in the Outlay by Agency table that need to be deleted because they actually represent zero outlays because they are either not instrumental to calculating total on-budget outlays or they are accounted for by a Cabinet agency under 31USC§101 – (1) Allowances, (2) Other Defense – Civil Programs, (3) Other Independent Agencies on-budget and off-budget and (4) Small Business Administration (SBA). Deleting the first three rows result in an estimated $2 trillion – $1,950,164 million. Treasury Negotiations regarding interest payments on the federal debt might reduce the debt to 86.5% of its current value of $506 billion to $478 billion FY18. Then with a budget surplus pay only the 3.4% average interest rate on t-bonds $494 billion FY19. When the ledger is zeroed, agencies can reconcile their historical congressional budget justifications with WHOMB it may concern the historical tables regarding agency outlays, total outlays, surplus or deficit and gross national debt.
It is advised that Social Security on-budget row change its name to Human Services (HS) and adopt the total outlays of the Agency for Children and Families (ACF), Administration for Community Living (ACL) and Substance Abuse Mental Health Service Administration (SAMHSA) FY 18. Health and human services must be separated FY 18 to keep 3% federal public health spending growth from 2014 limited to less than $1 trillion for the time being. The United States must begin to redress 22-33% child poverty rate with 8% TANF growth FY 17, 4% every year thereafter. To end child poverty it is necessary to tax the rich the 12.4% Old Age Survivor Disability Insurance (OASDI) taxes on all their income to pay every poor child an SSI benefit 2018 and end poverty by 2020. To help federal health spending get under the $1 trillion limbo bar, it is advised that WHOMB make certain changes the outlay by agency ledger to recognize the graduation of HS. First, change the historical name of Social Security on-budget spending, the SSI program, to Human Services (HS). Second, make accurate notation of annual reports of total SSI outlays (benefits + administration) in the historical HS row or decide to use the existing numbers to postpone the duty to re-total historical outlays, surplus or deficit and debt. Third, graduate HS FY 18 so that it adds to or replaces Social Security on-budget FY 18 whereas SSI is going off-budget if the rich are taxed or HS is combined with SSI in the on-budget HS outlay row. Vote to end poverty by 2020 HA-19-6-17 http://www.title24uscode.org/ss18.html
Pat R.
Older people on SS are in bad need of a raise in their SS checks. It should not be reduced in any way. Because the raise is a % on what you get…….look how much we have lost over the years because of no increase.
AKA
SS has never been reduced so why do you bring that straw man argument up?
Kenneth A.
SOCIAL SECURITY INCOME/BENEFITS SHOULD BE RAISED SO POOR PEOPLE AND SENIOR CITIZENS WILL BE ABLE TO AFFORD LIVES.
AL
right on,,,,,,[,but will never happen,},us seniors just keep trying to survive,,with the no increases or paulty one percent increases ,,its so unfair the way cola leaves out FOOD & MEDICAL EXPENSES
Buzzm1
The Status of Social Security
Old-Age/Survivors (OASI), Disability (DI)
……………………….OASI………DI……. (trillions)
Assets (2015)…..$2.7803…$0.0323
Income (2016)….$0.7975…$0.1600
Outgo (2016)……$0.7764…$0.1459
Net Increase…….$0.0211…$0.0141
Assets (2016)…..$2.8013…$0.0463
Kenneth A.
PLEASE PROTECT OBAMACARE AND MEDICARE. GOP IS WRONG AND STUPID.
Jim
ObamaCare is a total farce and even the Democrats admit it is a failure! The Democrats are yelling about what the Republicans are going to pass, but when the Democrats passed ObamaCare no one voting including the Democrats who passed it read even 10% let along let the Republicans input their concerns and now they are madd saying they are not getting their inputs heard!
AKA
Right on, Jim!!
Berta
Talk what you actually know because Republicans added amendments to the ACA. So they did have input.
Lesly F.
I hope finally my dreams will come true on August1,2017.
And CONGRATULATIONS ms or Mrs Commissioner
For 2018
Good Luck….!!!
Jimmie W.
Will their be an increase in social security benefits in 2018
Buzzm1
CPI-W
2016 Q3 235.057
2017 Q1 237.329
2017 Q2 will be released tomorrow (Friday)
2017 Q3 will determine the SS 2018 cost-of-living increase
Buzzm1
the preliminary estimate is for a roughly 2% increase in 2018. It will be partially offset by an increase in the cost of Medicare plus an increase in the cost of Medicare supplemental (i.e. Medicare Advantage)
R.F.
Hello Mr. West, if you’re referring to the Cost-of-Living Adjustment (COLA) for 2018, we will know that information in late October, when the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics is announced. As always, we will keep you informed.
Carol C.
Blind people can come the COST of living has been up for yrs..seriously..come on people.
Debbie T.
How can they even call it a cost of living increase? Less money every year. If you account for the cost increase for medical and decrease in food stamp eligibility, you’re in the red more each year. What cost of living increase? We can still add. Who is the Gov. trying to kid? A total of LESS IS STILL LESS.
David M.
Hey are we getting another raise next year
retiree
Hey David we didnt get a raise this year. Medicare got it.
Carol d.
Are we getting a cost o living in 2017? Coz I’m not making ends meet very well,, low disability,$20.00 on food stamps is not much to live on!
R.F.
Hi Carol! The Cost-of-Living Adjustment (COLA), is announced each year in late October. We will keep you informed.
AKA
I guess you’ll have to draw down on your savings and investments then.
R.F.
Hi David! The Cost-of-Living Adjustment (COLA), is announced each year in late October. We will keep you informed.
AKA
Sure are!!
Lecarlos
Is I’m getting my money in August 2017
AKA
Maybe!!
Frances B.
The article is very good news and th SSA should be commended for their good work. BUT, please when are you going to see that senior older adults get an increase in their cost of living. We did not have retirement plans from employers when we were working. Our income is solely on social security payments. I suppose you all have noticed the cost of items these days.!
j. t.
my sociak security monthly payment is under the expected; therefore i am still working; and still paying into the system. once i quit working for good will my social security increase.the cost of living has gone over the top.
R.F.
Each year we review the records for all working Social Security recipients. If your earnings for the prior year are higher than one of the years we used to compute your retirement benefit, we will recalculate your benefit amount. We pay the increase retroactive to January the year after you earned the money. Visit our Retirement Planner: Getting Benefits While Working for more information.
Paula J.
8 months ago i applied for my survivors benefits. It took 4 months for that to get approved. I still have not recieved my backpay. That is ridiculous. 8 months wirking on 9. Can someone find out what they been doing?
R.F.
We apologize for the delay and inconveniences you are experiencing, Paula. Unfortunately, but for security reasons, we do not have access to personal records in this blog. Please continue working with your local office. You can request to speak with the manager to see how we can help to expedite resolution of your situation. If you are unable to visit the local office, you can call our toll free number at 1-800-772-1213, representatives are available Monday through Friday between 7 a.m. and 7 p.m. Generally, you will have a shorter wait time if you call later in the week. Thanks.
R.F.
Hi Frances, if you’re referring to the Cost-of-Living Adjustment (COLA) for 2018, we will know that information in late October, when the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics is announced. As always, we will keep you informed.
Dennis
“As always” some bogus set of “cost of living” items will be used to determine if SS recipients need a raise. If a raise is given it wI’ll be absorbed by the increase in Medicare’s premium. Meanwhile my cost of food, gas and utilities continues to increase exponentially. De