The unemployed turn to Social Security Disability fund
January 3rd, 2012|
As many jobless people exhaust their unemployment benefits, they are turning to the Social Security Disability (SSD) fund to survive, reports the Huffington Post.
The number of people receiving SSD benefits has risen to 10.6 million since 2002. That is an increase of 47 percent, a study from The Wall Street Journal reports.
More than 10 percent of Americans between 50 and 65 apply for SSD benefits right after they run out of unemployment insurance. Most people who start receiving disability insurance stay in the program until they retire.
Out-of-work Americans are now without jobs for longer than ever. Almost 41 weeks is the average duration of unemployment, according to the Bureau of Labor Statistics.
This news that the jobless are relying on more disability benefits arrives as Social Security is increasingly coming under attack.
Texas governor Rick Perry called Social Security a “Ponzi scheme” at a Republican presidential debate, and Rep. Paul Ryan, who many consider an intellectual leader of the Republican party, has said that he agrees.
Recently, Congress agreed to extend unemployment benefits and the payroll tax cut for two months. But as the battle has become more partisan, it is unclear whether House Republicans will agree to extend unemployment insurance for another year.
What do you think of unemployed Americans collecting from the SSD fund?