The House Social Security Subcommittee has scheduled its annual hearing on the annual report of the Social Security trustees for June 7 at 11:00. Don't expect any surprises either in the report or in the reactions of the members of Congress.
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Anonymous
said...
It is out:
"The change in the reserve depletion date for DI [from 2028 to 2032] is largely due to continuing favorable experience for DI applications and benefit awards. Disability applications have been declining steadily since 2010, and the total number of disabled-worker beneficiaries in current payment status has been falling since 2014. For this report, ultimate disability incidence rate assumptions are unchanged from the last report. However, this year’s report has lower incidence rates over the first few years of the projection period, and a gradual rise from recent low levels, reaching the ultimate DI incidence rates by the end of the short-range period. In addition, average benefit levels for disabled-worker beneficiaries were lower than expected in 2017, and are expected to be lower in the future. Disabled-worker average benefit levels were somewhat elevated in 2011 through 2016 due to reduced numbers of hearings decisions (where monthly benefit levels tend to be relatively low), as the number of applicants awaiting a hearing increased. In 2017, hearings decisions increased, thus restoring a more normal, and somewhat lower, average benefit level for disabled workers newly awarded benefits in 2017. See page 38 for more details on these changes in DI projections. These changes, which are partially offset by lower payroll tax revenue in the near term, are primarily responsible for the change in the DI reserve depletion date from early in 2028 in last year’s report to late in 2032 in this year’s report."
1 comment:
It is out:
"The change in the reserve depletion date for DI [from 2028 to 2032] is largely due to continuing favorable experience for DI applications and benefit awards. Disability applications have been declining steadily since 2010, and the total number of disabled-worker beneficiaries in current payment status has been falling since 2014. For this report, ultimate disability incidence rate assumptions are unchanged from the last report. However, this year’s report has lower incidence rates over the first few years of the projection period, and a gradual rise from recent low levels, reaching the ultimate DI incidence rates by the end of the short-range period. In addition, average benefit levels for disabled-worker beneficiaries were lower than expected in 2017, and are expected to be lower in the future. Disabled-worker average benefit levels were somewhat elevated in 2011 through 2016 due to reduced numbers of hearings decisions (where monthly benefit levels tend to be relatively low), as the number of applicants awaiting a hearing increased. In 2017, hearings decisions increased, thus restoring a more normal, and somewhat lower, average benefit level for disabled workers newly awarded benefits in 2017. See page 38 for more details on these changes in DI projections. These changes, which are partially offset by lower payroll tax revenue in the near term, are primarily responsible for the change in the DI reserve depletion date from early in 2028 in last year’s report to late in 2032 in this year’s report."
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