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Social Security disability on verge of insolvency

By STEPHEN OHLEMACHER

 

WASHINGTON — Laid-off workers and aging baby boomers are flooding Social Security’s disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency.

Applications are up nearly 50 percent over a decade ago as people with disabilities lose their jobs and can’t find new ones in an economy that has shed nearly 7 million jobs.

The stampede for benefits is adding to a growing backlog of applicants — many wait two years or more before their cases are resolved — and worsening the financial problems of a program that’s been running in the red for years.

New congressional estimates say the trust fund that supports Social Security disability will run out of money by 2017, leaving the program unable to pay full benefits, unless Congress acts. About two decades later, Social Security’s much larger retirement fund is projected to run dry, too, leaving it unable to pay full benefits as well.

Read full article here: MSNBC

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Posted by on 10:49 am, With 0 Reads, Filed under Economy. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

 

 

2 Responses to "Social Security disability on verge of insolvency"

  1. Clara Panfilov  August 22, 2011 at 2:33 pm

    I feel like I’m often looking for interesting things to read about a variety of niches, but I manage to include your blog among my reads every day because you have interesting entries that I look forward to. Here’s hoping there’s a lot more great material coming!

  2. Johnny Punish  November 3, 2011 at 12:42 am

    I am concerned that I won't ever see my long standing investment in Social Security.

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