American workers contribute to Social Security with every paycheck. When they do, they are earning comprehensive insurance protections. Social Security insures against the loss of wages due to old age, disability, or (for the surviving family of a worker) death. While Social Security is best known as a retirement program, disability and survivor’s benefits are equally essential.
An attack on any part of Social Security is an attack on the entire system and all current and future beneficiaries. The latest proposal from Donald Trump’s administration, which is designed to rip benefits away from hundreds of thousands of Americans with disabilities, amounts to a declaration of war on Social Security.
The Trump administration proposal would require millions of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) beneficiaries to re-prove their eligibility for benefits as often as every six months—far more frequently than is currently the case. There is no justification for this policy. The United States already has some of the strictest eligibility criteria for disability benefits in the world. More than half of all claims are denied.
The stream of investors seeking refuge in the safest parts of the market has triggered yet another recession warning, with yield curves inverting from the U.S. to the U.K.