Social Security Disability Program Costs Expected To Rise
April 12th, 2013|
April 12, 2013
According to data collected by the Congressional Budget Office, a growing number of Americans are turning to Social Security Disability Benefits to make ends meet. In fact, an estimated 8.8 million citizens received benefits this past January, which was an increase of six times the number of recipients there were in 1970.
An article from MSN Money explains the rise in the number of disability recipients is a recent phenomenon, with the count inflating by 24 percent since 2007. This means more than 5 percent of all working age adults receive Social Security Disability benefits currently.
The problem with more people receiving the benefits is that the system is paying out more than it is able to take back in. Last year, the Social Security Administration paid out $773 billion in benefits while only receiving $725 billion in funding. This leaves a deficit of $48 billion.
Experts believe that by 2023 though, the program will spend roughly $1.4 trillion in benefits to recipients while only bringing in $1.3 trillion from taxpayers. This leaves a $100 trillion deficit.
Government officials are currently working to find a solution to the problem. In the meantime though, the overwhelming number of applications for benefits coupled with budgetary constraints makes it very difficult of a disabled individual to receive approval for benefits. That’s why the Social Security Injury Lawyers with Fleschner, Stark, Tanoos & Newlin suggest discussing your legal rights with an attorney if you are considering filing a claim for benefits.