US Federal Budget for the 2009 fiscal year addressed various spheres of the economy, the social security administration being one of them. This budget aims at providing funds to carrying out several programs including disability insurance programs and supplemental security income programs.
The 2009 budget targets American security, the immediate challenges of the economy, assures sustainable prosperity and looks forward to balance the Budget of 2012. Social security administration was also on the agenda of the budget.
Overview of Social Security and the US Budget:
US Budget 2009 would strengthen the model of social security extended to individuals. It also aims at making the social security system of the future generations strong.
The budget also intends to extend personal retirement accounts to the various workers.
Decreasing waiting period and clearing back logs in matters related to disability. Hearing procedures have also been targeted. Putting a stop to improper payments and making funds available to the actual beneficiaries is also an essential feature of this budget.
To attain all of the above, the Federal government assigns funds to the various offices in charge of each issue.
The government states that social security would be utilized for financing personal voluntary accounts, and the payroll taxes would be 4% of the taxable earnings towards social security benefits up to $1,400 dollars.
With regard to improving customer services, the budget aims at bringing about improvement in the processing periods. It would also reduce the time taken for deciding matters related to Supplemental Security Income (SSI) as well as Disability Insurance (DI).
The method of “Progressive Indexing” is being introduced in the 2009 Budget. The process of “progressive indexing” would reap the highest benefits while addressing the problems simultaneously.
Since 2001, the Social Security Administration has enhanced productivity by 15%. The administrative body has also assisted individuals in getting job opportunities and handling disabilities.