The Social Security Administration reported more than 26 million citizens of the United States are currently receiving Social Security benefits, including Social Security Disability. Yet, many of these individuals report they are still struggling to make ends meet. In order to find possible reasons for this problem, NPR News recently conducted an interview with former Social Security Commissioner Michael Astrue.
When Astrue was asked his opinion on the cause of the financial crisis the Social Security system is facing today, he stated he believed the problem was the result of mistakes made by Congress. While Astrue made it clear the program needs serious reform, he also stated across the board budget cuts that are currently being suggested will not be an effective method of getting the Social Security program back on track.
Astrue also explained he felt the solution may fall into the hands of the younger generations who will need to pay higher tax rates to keep the system afloat. Otherwise, the program will begin to run out of funds within the next several years, meaning cuts to benefits would then have to occur.
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