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Social Security Ran $47.8B Deficit in FY 2012; Disabled Workers Hit New Record in Dec: 8,827,795
Cybercast News Service ^ | December 26, 2012 | Terence P. Jeffrey

Posted on 12/26/2012 9:28:06 AM PST by Olog-hai

The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according to official data published by Social Security Administration.

The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December—up from 8,805,353 in November.

The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December. …

(Excerpt) Read more at cnsnews.com ...


TOPICS: Business/Economy; Extended News; Government; News/Current Events; US: District of Columbia
KEYWORDS: clowardandpiven; clowardpiven; disability; socialsecurity; unemployment

1 posted on 12/26/2012 9:28:19 AM PST by Olog-hai
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To: Olog-hai

All of those with their unemployment running out are trying to get on SS disability. It;s no wonder it is running a deficit.


2 posted on 12/26/2012 9:31:26 AM PST by Venturer
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To: Olog-hai

No problem, mon.

We just ‘borrow’ the money.

And if no ones wants our debt, that’s OK too!

‘Cause we just buy our own debt ad infinitum (QE perpetual).

Thus we create a society where no one works, and everyone has plenty.

All hail Barack I!


3 posted on 12/26/2012 9:33:07 AM PST by LucianOfSamasota (Tanstaafl - its not just for breakfast anymore...)
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To: Olog-hai

pssst....they took out 2% less out of paychecks for 2 years....deliberating shorting ss. AND seniors received no cola for 2 years,


4 posted on 12/26/2012 9:34:03 AM PST by Sacajaweau
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


5 posted on 12/26/2012 9:34:14 AM PST by Nachum (The List is off the Google blacklist- www.nachumlist.com)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


6 posted on 12/26/2012 9:35:10 AM PST by Nachum (The List is off the Google blacklist- www.nachumlist.com)
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To: Olog-hai

Medicaid for illegals cost what???


7 posted on 12/26/2012 9:35:47 AM PST by Sacajaweau
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To: Venturer

“All of those with their unemployment running out are trying to get on SS disability. It;s no wonder it is running a deficit.”

Actually this problem goes back to the 1990’s when clintoon “ended” welfare. Most of the “ending” of welfare was greatly expanding the definition of things that would allow people to keep sucking off of the government tit, yet call it something other than welfare.

Look at the SS definition of ‘disability’ before and after 1996 and you will see a lot of how welfare was ‘ended.’

Sometimes, the chickens just take a little longer to come home to roost! And it will only get worse.


8 posted on 12/26/2012 9:39:04 AM PST by I cannot think of a name
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To: Sacajaweau
AND seniors received no cola for 2 years
I believe it was just one year, but I'm too lazy to look it up.
9 posted on 12/26/2012 9:42:18 AM PST by oh8eleven (RVN '67-'68)
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To: oh8eleven

it was 2....


10 posted on 12/26/2012 9:47:25 AM PST by Sacajaweau
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To: Olog-hai

Dear Social Security Agency:

I’m chronically dizzy looking down over the fiscal cliff, and up at the towering debts. Please start me sending my monthly checks ASAP.

Thank you.


11 posted on 12/26/2012 9:53:52 AM PST by P.O.E. (Pray for America)
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To: Sacajaweau
I should know better that to trust what was formerly known as my brain ...

12 posted on 12/26/2012 9:55:13 AM PST by oh8eleven (RVN '67-'68)
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To: Olog-hai
Some are not disable but just part of King Obama’s army that will appoint the King dictator for life.
13 posted on 12/26/2012 9:57:00 AM PST by Logical me
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To: Venturer

SSI ‘crazy checks’ aer the new unemployment extension and new ‘normal’ .

All hail Barackonomics!


14 posted on 12/26/2012 10:05:33 AM PST by TurboZamboni (Looting the future to bribe the present)
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To: LucianOfSamasota

Yeah poor Bush had to struggle to sell the bonds to China.
Now Baraq just has The Bernank and Turbo Timmy create electronic debt - instant gratification.

The US is like that family in 2007 riding a wave of false prosperity based on maxxed out credit cards and helocs on houses with negative equity.


15 posted on 12/26/2012 10:11:13 AM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: Venturer

It is only going to get worse. There are more advertisements from “fine, upstanding, respected people of the Lawyerly profession” on TV telling the out-of-work people how to get their disability approved than there are job ads in the newspaper every day.


16 posted on 12/26/2012 10:57:26 AM PST by Gaffer
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To: Olog-hai
Cloward.

Piven.

17 posted on 12/26/2012 11:07:50 AM PST by E. Pluribus Unum ("Democracy is indispensable to socialism. The goal of socialism is communism." --Vladimir Lenin)
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To: Gaffer

TV ads today amaze me.

Reverse loan ads to screw older people out of their homes.

The ads for annuitents to screw people out of their annuitents.

The lawyer ads wanting people to join class action suits where lawyers make millions and the victim get’s almost nothing.

Viagra ads featuring men in their 30’s.
Who needed viagra in their 30’s?

Medicine ads for prescription drugs.
They tell of all the side effects
I have never had a doctor give me a prescription and tell me the side effects. Maybe I go to the wrong doctors.

Ads to get lawyers to go to the IRS with you.


18 posted on 12/26/2012 1:14:41 PM PST by Venturer
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To: Venturer; All
Disabled Workers Hit New Record in Dec: 8,827,795

All of those with their unemployment running out are trying to get on SS disability.

If those "disabled workers" who simply ran out of unemployment were added back to the number of unemployed (U-3 or U-6) the government's "official unemployment rate" would be significantly higher.

19 posted on 12/26/2012 2:58:25 PM PST by CutePuppy (If you don't ask the right questions you may not get the right answers)
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To: Olog-hai

So, right on schedule (2013) the Social Security Administration must now start demanding CASH for the IOUs that the U.S. Treasury Department gave it for all the FICA taxes that the U.S. Congress and U.S. Presidents stole to make their spending deficits LOOK smaller than they actually were.

This condition - SS Admin needing cash for all the IOUs in it’s “trust fund” - will increase every year for the next 20 years or more, and it will require (a) FICA taxes being vastly increased, or (b) general revenue taxes vastly increased to specifically help cover SS, or (c) the national debt and federal deficits are vastly increased, or (d) SS benefit increases and new SS benefit schedules are greatly altered to REDUCE expected payouts, on a general or on a selective basis, or (d) any of, all of, or any combination of the above is put in place.

The unwinding of the biggest ponzi scheme on earth is about to unfold.


20 posted on 12/26/2012 4:30:09 PM PST by Wuli
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To: Wuli

4 am bump! It’ll be OK cause in 20 years at 78 things will be getting better, right? Boy are we screwed. ;-(


21 posted on 12/26/2012 8:35:22 PM PST by Tunehead54 (Nothing funny here ;-)
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To: Olog-hai

Employees are only paying in 4.2 % of their gross wages to Social Security (FICA) for the past 2 years. The prior standard for many years was 6.2%.

I don’t know what the gross wages of Americans who file income taxes are, but I do know that at least $30 billion is not going into Soc Sec on an annual basis, currently.

It is no surprise to me that they are running in the red...per Obama cutting their contribution to the fund.

The real kicker?

When you do retire—you will get a small payout because you didn’t pay in the 2 % for these past 3 years......

Don’t squawk then. You lived by it—you die by it.


22 posted on 12/27/2012 10:02:18 AM PST by ridesthemiles
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