Disability insurance benefits collected from Social Security in record numbers
Official predictions for this month are that 8.82 million people are collecting.
The Social Security Administration has just released their figures regarding the number of people who are collecting disability insurance from the program, and what they have found is that a record breaking number of people are currently collecting from the program.
In fact, in December, 8.82 million people were recorded to have been receiving benefits from the program.
This is a notable increase over the 8.80 million who had been collecting disability insurance benefits in November. Those who are receiving these benefits include disabled workers and the family members who are dependent on them, as well as retirees and their survivors and dependent family members.
The cost of these disability insurance payouts has also spiked to reach record numbers this month.
In November, the total cost in disability insurance payments had been $56.65billion, but that number rose to $56.75 billion this month. As a whole, the 2012 fiscal year saw a deficit in the Social Security program by $47.8 billion. This was caused when it drew in $725.4 billion in cash, but had to pay out expenses and benefits worth $773.2 billion. This, according to the official data released by the administration.
The Bureau of Labor Statistics data showed that in 2011, the average number of full time workers in the United States had been 112.5 million. Among them, there were 17.8 million individuals who were employed, full time, for federal, state, and local government agencies. The remaining 94.7 million full time workers were employed by the private sector last year.
This meant that for every 1.67 people in the United States who were working full time within the private sector last year, there is now 1 person who is collecting Social Security disability benefits. Despite the fact that the administration was operating on a deficit this year, it still recorded a gain on paper of $64.5 billion within the Social Security Trust Funds. This was due to the fact that the Treasury paid $112.3 billion in interest to the trust funds within this fiscal year in order to cover the historical surpluses that the Treasury had withdrawn from Social Security taxes in order to cover other forms of federal government spending.