The Congressional Research Service has issued a report on the status of Social Security’s appropriation for the current fiscal year. Technically, it’s about the agency’s Limitation on Administrative Expenditures (LAE) but, in effect, it’s about the appropriation. The report is as dry as dust but, like all appropriations matters, it’s vitally important. Here’s a table from the report:
Annual LAE | FY2025 Enacted | FY2026 Commissioner's Budget | FY2026 President's Budget | FY2026 House Committee | FY2026 Senate Committee | FY2026 Enacted |
Dollar amount | $14,299 | $14,793 | $14,793 | $14,793 | $14,893 | |
Dollar difference relative to FY2025 enacted | — | +$494 | +$494 | +$494 | +$594 | |
Percentage change relative to FY2025 enacted | — | +3.5% | +3.5% | +3.5% | +4.2% |
It’s an even more significant increase than that when you consider that 12% of the workforce came off the payroll by the end of 2025.
ReplyDeleteSomehow the GOP always finds money to burn on increased budgets when a republican is president, even after decreasing revenue with tax cuts. But there’s never enough money for even a flat appropriation when the other party holds the white house.
ReplyDeleteSee the hypocrisy yet, sheeple?
Looks good to me. We finally have a budget we can use. Hats off to the Commish!
ReplyDeleteRelying on AI alone to make up the difference on a smaller employee headcount does not sound like a strong business model. Baby boomers are not going anywhere in the forseable futures.
ReplyDeleteThe American people are experiencing a Social Security Administration that has been transformed through digital innovation and strategic process engineering to deliver best-in-class service,” said Commissioner Frank J. Bisignano. “Under President Trump, we are serving more Americans faster than ever before. I look forward to the leadership of the new SSAB Chair and a strong working relationship with the Board.”
Applications are rising but the budget is not. I guess being a good car salesman goes a long these days.
ReplyDeleteThere's been a surge in older Americans applying for benefits in 2025, and a large increase in the amount of money paid out.
Zoom in: That's happening for a host of reasons, including a new law that marks the biggest expansion to the program this century, a White House that made changes to the program and, of course, a growing elderly population.
By the numbers: Social Security retirement claims are on track to rise 15% this year from 2024, per an analysis by the Urban Institute, a research group.
From 2012 to 2024, claims increased by 3% per year, on average.
At the same time, benefits payments surged in March and April, according to data from the Bureau of Economic Analysis released last week.
Between the lines: The benefits increase was so large that it boosted income data also released last week.
"The economy has apparently been benefitting from a stealth form of income support for the past several months," writes Jonathan Levin in a column for Bloomberg Opinion. "Which may be giving some of us false confidence about the future."
The big picture: Many new applicants are filing for benefits earlier than planned out of anxiety over moves by the Trump administration on Social Security this year, according to the Urban Institute.
High-earning individuals appear to be driving the rise in applications, says Jack Smalligan, a senior policy fellow at the Urban Institute.
Another piece of the increase is simply attributable to the growing population of retiring Baby Boomers.
2024 marked the start of the Peak 65 Zone, the largest surge of Americans turning 65 in U.S. history, the Social Security Administration points out.