Senator: Social Security Disability Fund Almost Tapped Out
Posted on May 12, 2013
When most people talk about Social Security going broke, they're referring to its main component, the annual payments made to retirees from the work force, which are partially funded by those workers themselves. What has largely gone unnoticed, until recently, is the intense strain on the Social Security disability system, which supports American adults who are unable to work because of a severe physical or mental disability.
Now, according to PolitiFact Ohio, Sen. Rob Portman says the Social Security disability fund may well go broke within a few years. The reason for the crisis is that the system's payouts have exceeded its funding, and more and more people have been applying for benefits, a number that's only expected to increase. PolitiFact itself quotes from a report by the Congressional Budget Office that blames the Baby Boomers’ generation for the disability crisis:
More older people suffer from debilitating conditions; moreover, the program’s qualification standards for older workers are less strict than those for younger workers because older people are assumed to be less able to adapt to new types of work... between calendar years 1996 and 2009—the approximate period during which the baby-boom generation entered their 50s—the share of disabled worker benefits awarded to older workers (age 45 and older) rose from 67 percent to 76 percent.
Interestingly, PolitiFact doesn't mention another possible reason for the disability crisis, which is that many people who are only marginally disabled wind up gaming the system and collecting monthly payments as an alternative to welfare.
Are you a northern California resident who can no longer work and is thinking about applying for Social Security disability benefits? You need an experienced lawyer to help you through this exhausting process. Contact the Social Security disability attorneys at the Ledgerwood Law Group (888-761-7383) for a free consultation today!