Social Security disability on verge of insolvency

[NNN0LHI]

http://www.google.com/hostednews/ap/article/ALeqM5jRJz1xs4O_N3HpNqzV6NI8g3Zwdg?docId=8266c2c64497445b9d8217656417800f

Social Security disability on verge of insolvency

By STEPHEN OHLEMACHER, Associated Press – 2 hours ago

WASHINGTON (AP) — 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 as well.

--------------------------

I wouldn't be too concerned about this. The next Republican president and congress will surely fix this little problem in a jiffy.

[still_one]

1. If Congress hadn't stolen money from the social security fund to pay for their wars, we would not

have this problem

[KansDem]

2. True

"TeaPublicans" now have charts at their townhalls that show how much US debt China holds. They claim we need to cut Medicare and SS to pay off this debt. But what they don't say is that they robbed these programs to fund their wars and tax-cuts for their rich friends.

I attended such a townhall with Rep. Kevin Yoder (R-Kansas), a member of ALEC, and he tried pulling this horseshit on us. They have no shame.

[Kolesar]

4. Yoder - Are not the Amish supposed to be pacifists?

There's a conversation starter.

[JHB]

8. Obviously he never mentions how much (more) of that debt is held by...

...Social Security. They're the same bonds.

Unless, of course, they want to pick and choose which bonds get paid. That would mess with the whole "full faith and credit" more than anything else, but the Teabaggers have already shown they're not concerned about that.

[eShirl]

13. If they try, let's see how well their picking of China over U.S. taxpayers goes over

[Bluebear]

3. Oh no, we better start making "modest modifications" to it now!

[NNN0LHI]

6. I don't like that idea

I think we should just wait and let the Republicans decide how to handle this.

I am pretty sure there will be no cuts with them fixing it.

We will be alright.

Don

[adigal]

5. Everyone mocked Al Gore for his "lock box"

Looks like he was correct. Two wars, tax cuts for the rich for 10 years??? Great, we can screw the poor!!!

[still_one]

7. The only ones who mocked Gore were the media and the republicans. Both have been consistently wrong

in their views for the past 20 plus years

[xchrom]

9. Hmmm - invisible rec. Nt

[UTUSN]

20. " *INVISIBLE REC* " - a DU new coinage!1 An historic post!1

I myself take credit for the "K&R #_" meme, therefore can recognize something NEW and TRUE: Reccing against a tide of UnReccs (for any of the many intended/appropriate or nefarious/unintended facets of both Rec/UnRec). "Invisible rec" - I'll start using it toute suite!1

[madrchsod]

10. there`s not one news article on google that backs up what this guy wrote.

he picked bits and pieces from different news releases and government documents. a lot if not all of what he wrote was taken out of context. i searched for over a half hour and found no interview with the head of social security that came close to what ap wrote.to lend credibility to the ap article they used a 2010 picture of the commissioner testifying on the problems of social security.
the only statements i could find was the commissioner`s goals of reducing the back log of applications and reviewing the current status of people on social security disability.


"the big lie" or should i say have truths and deceptions?

[NNN0LHI]

11. I am sure it is all a lie

Just ignore it.

Don

[Bluenorthwest]

14. The right wing, Republicans and otherwise have said almost

daily, since before the Social Security Law was passed, that it will bankrupt and never pay out. This is what they always say, and it is in this case, vague, unsupported fear mongering drafted to promote cuts and alterations desired by Turd Way and the Republicans who are their twin partners.
When the media repeats that which they have repeated for the right wing for say, 65 years, it is time to start, at the very least, being a tad skeptical and to demand something other than conjecture and rhetoric.

[mmonk]

12. We can always cut payroll taxes.

;-)

We can call it giving the middle class a tax cut.

[hansberrym]

21. Ouch!

Maybe the whole thing about politicians Repub & Dem purposely running the country into the ground is not so far of base?

If no crisis is to be wasted, what do they plan to use the next crisis, the one they apparently are trying to bring about asap, to accomplish?

[McCamy Taylor]

15. Maybe if all the claims were accepted and paid immediately. But SS denies almost all claims

nowadays and only those who appeal with an attorney get their disability.

The only thing about the story I believe is that a lot more folks are applying, because there are no jobs.

[Bluenorthwest]

16. I'm in agreement with you

nt

[PoliticAverse]

17. The Numbers....

Note that the Disability trust fund is separate from the main SS trust fund.

Disability Insurance (DI) Trust fund: http://www.ssa.gov/oact/progdata/describedi.html
Old Age and Survivors Insurance (OASI) Trust Fund: http://www.ssa.gov/oact/progdata/describeoasi.html

The DI trust fund has approximately $168 Billion.
The OASI trust fund has approximately $2.666 Trillion.

(See http://www.ssa.gov/oact/progdata/describeoasi.html )

Note from the annual report on the trust funds:

http://www.ssa.gov/oact/TRSUM/index.html

that in 2010 the DI trust fund was depleted from $203.5 billion to $179.9 billion and from the above number
it's down to $168 billion at the end of July in 2011. So it's being depleted at a rate of approximately $20 billion/year.
If the depletion rate remains the same the trust fund will last approximately $168/$20 = 8.4 years (in reality it would
be less because as the trust fund is depleted it earns less interest - in 2010 the trust fund was credited with $9.3 billion
in interest).

[NNN0LHI]

18. Hope you have your flame proof suit on

Facts and figures don't go over real well around here as demonstrated in some of the previous posts to this thread.

Don

[bemildred]

19. Unlike the Pentagon, which can be "underfunded", but which is never "insolvent". nt

[hansberrym]

22. You can't have too many wars (think Ed Asner on SNL many years back)