There are 11 million Americans who receive Social Security disability in the United States. The Social Security trustees report suggested that the disability insurance trust fund will run out of money in 2016, and is in need of immediate attention. These 11 million Americans could see close to a 20 percent decrease to their payments by the end of 2016, if action is not taken. It is no wonder that Social Security disability is a very hot topic for the presidential election.
Hilary Clinton does not support any reductions in benefits. Hilary would like to increase benefits by raising benefits for survivors, and creating a caregiving credit. The caregiver credit would give those who receive benefits a credit that would be added into their earnings for benefit-calculation purposes. She is also looking to increase revenue for social security by lifting the payroll tax cap and broadening the taxation base.
Bernie Sanders also does not want to reduce benefits, he would like to boost them with a general increase, a larger minimum benefit, and a higher price index fro cost-of-living adjustments. He also would like to lift the payroll tax cap and broaden the tax base.
Ted Cruz would also like to raise the full retirement age, and favors general reduction of benefits too. He would like to take wage growth out of the calculation of initial benefits, leaving it influenced by inflation, which is assumed to have a slower growth rate.
John Kasich supports reducing benefits for higher earners.
Marco Rubio is in support of raising the full retirement age, eliminating payroll taxes for elder workers, reducing benefits for higher earners, and eliminating the Social Security earnings test.
Rick Santorum and Donald Trump, may have made proposals in the past, but currently have not suggested any significant changes to the Social Security program.
Sources: Motley Fool and Fox News
