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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.
Last year, Social Security detected $1.4 billion in overpayments to disability beneficiaries, mostly to people who got jobs and no longer qualified, according to a recent report by the Government Accountability Office, the investigative arm of Congress.
At the same time, the application process can be a nightmare for legitimate applicants. About two-thirds of initial applications are rejected. Most of these people drop their claims, but for those willing go through an appeals process that can take two years or more, chances are good they eventually will get benefits.
Originally posted by Vitchilo
So it will run out of money in 2017... if you believe that... you betcha they gonna find some ``solution`` that will extend it to infinity... by cutting benefits, cutting people allowed to received benefits and similar ``solutions``.
how does on get on of those little signs for your car that says you can legally park in the handicapped spaces, I want one!!!
“We are spending in Afghanistan $2 billion a week. This is an order of magnitude less than that,” even if it is unclear how many assets are involved and how much they have been used so far, Harrison said.
The United States spent at least $168 million hitting Libya’s air defense systems with Raytheon Co. Tomahawk cruise missiles and Northrop Grumman Co. B-2 bombers to open air space over the North African nation, according to data compiled by Bloomberg.
I just want to know what that "2 billion a week" in Afghanistan is going toward.
Social Security disability on verge of insolvency
social securirty and medicare is the biggest scam ever created next to the federal reserve.