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

[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. …

[Tunehead54]

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

[ridesthemiles]

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.