- May 6, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Increasing the Limits for Assets
The current limits for assets, set at 2000 for singles and 20000 for married couples, are preventing many individuals and families from accessing the support they need. By upping the limits to 10000 for singles and 20000 for married couples, we can help more people in need and improve their quality of life.
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****** just grabbed a
Here is the reason why it will never get passed –
“Enactment of this Bill would result in an increase in program cost because some individuals who
have countable resources above the current-law limits would become eligible or maintain
eligibility under this proposal. If the bill became effective for eligibility starting January 1, 2024,
we estimate the increase in Federal SSI payments would be $9.8 billion over the calendar year
period 2023 through 2032. Table 1 below provides our estimates of the cost increases on an
annual basis through 2032. All estimates are based on the assumptions underlying the projections
presented in the 2023 SSI Annual Report.1 This Bill would not have any direct effects on the
financial status of the Social Security trust funds.”
This is from the Actuary Chief of the Social Security Administration – for S. 2767, the “SSI Savings
Penalty Elimination Act”
[SSA.gov – Actuary analysis of S. 2767, the “SSI Savings Penalty Elimination Act,”](https://www.ssa.gov/OACT/solvency/BrownCassidy_20240129.pdf)
The table, referenced in the above link, of the cost by year is shown at the link.
All these bills die in the senate.
Not happening, not at the levels proposed. And not using the justifications in the article.
Vote. SSI is for the poor, and they generally have low voter turnout. The U.S. has the best democracy money can buy.
Maybe explain that the economic costs of dislocation from not having car repair expenses on hand as an individual or couple, or not having first and last months rent available as a safety net jn case of eviction as an older person are multiples of the added numbers of folks… stimulating the economy by promoting savings, allowing banks to reinvest the savings temporarily, and reduced cost of manpower bureaucrats for oversight redundancies in constantly taking people on and having to rereview and approve as new applicants every time they haven’t paid out rent on the first of the month by the hour the bank reports the bank balance…. Also reduces admin by allowing technical accounting an extra buffer when rent is actually paid on the first of the month on time, but the bank hasnt updated the account until midnight so Ss is withdrawn and then all the mess starts with refunds etc…. Administratively 2,000 is completely unworkable in today’s family budget reality…. Its so outdated its an impossibility, or what is called a fiction because it is also unworkable for most recipients…. The savings would be over fifteen percent on admin alone, and then you apply the multiplier effect for the banks in increased savings rate, and shelter and transportation sectors…. what a morass it is now and will continue to be if they don’t keep the limits current with COL going forward even… increasing suffering increases costs to the states as you can also imagine
For some an ABLE account is useful, but no those figures aren’t reasonable even under Congress’ active willful 2020 OK to print 40% of US dollars, which should have paired with a time horizon for increased asset cap, but maybe up to $4k for one. Face value prices are 30%+ still until the next correction/crash, than prior to 2020. Up to $100k isn’t a countable asset, but the state will claim an amount they paid from an able account like in estate recovery via opening a probate case, for whoever does. It was the caveat to getting that bill passed.
Medicaid will also finagle around a life estate structure and trust that you have to disclose.
Start by voting democrat for congress
The republicans want end social security for the disabled.
Never going to happen. From 2,000 & 3,000 to 10,000 and 20,000?
That’s not a reasonable bill that was written to be serious.
Jumping $2000 x5 and $3000 to almost 7x.
You would have to convince your politicians that this should get a yes vote *and* they should pressure those in committees to keep the legislation moving towards a vote. Unfortunately it would be too easy to overlook this legislation or give it a NO vote in exchange for a YES vote on something else.
Pay attention to what your current congresspersons vote for and choose better ones if the current one(s) is not best for you. Voting by team is a poor choice, vote for the best individual based on prior performance.
Call your representatives in the House and Senate and ask them to cosponsor the bill.
If anything the government would actually like to have less recipients on SSI and would make it even harder for a needs based program. No way will they allow this … Fun fact the displaced Ukrainian coming to the US gets 7 + 2 yrs full benefits the minute the sign There name.