Some citizens from Illinois rely primarily on Social Security benefits. The number of people relying on Social Security Disability benefits across the nation is at an average of 16. 7 percent, according to public record. West-central Illinois residents receive a higher percentage than the rest of the state and the nation, averaging 20 percent.
This is the time of year where many recipients of Social Security Disability benefits have additional worries about their financial situation. Congress is warming up to consider making cuts during a time of the year when we are all feeling the pull of the economy due to typical holiday spending. The House and Senate are brainstorming ways to reduce spending for the United States government and are considering moves such as cutting spending for Social Security and similar programs. Some politicians suggest such avenues as raising the retirement age beyond 62 or changing Social Security’s cost-of-living adjustment to slow the rate at which the amount of the monthly checks increase over time.
Families rely on this money to survive, to provide food, clothing and shelter for themselves and their loved ones. Less money in their pockets also means less money spent in the Chicago business stream. Economists who’ve studied such trends in recent years have concluded that cutting the monetary amounts allotted for Social Security Benefits would cause a significant damage to small business in America.
The national debt is not directly connected to Social Security Disability benefits. As all workers and business owners know, there is a FICA deduction deducted from each and every paycheck that is allotted to pay for the SSD benefits. The city of Chicago and more rural areas of the state would feel the immense effects of a 10 percent decrease in small business earnings. Individuals and families who rely on these benefits to make ends meet from month to month would understandably be affected the most. Those who are receiving SSD benefits or intend to apply for them would do well to investigate all of the facts and circumstances to ensure receipt of all the benefits that are deserved and already paid for.
Source: The Canton Daily Ledge, “Social Security cutbacks would harm rural areas,” Bill Knight, Dec 01, 2011