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Title: 85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period
Source: [None]
URL Source: [None]
Published: Jul 8, 2012
Author: Snejana Farberov
Post Date: 2012-07-08 17:56:22 by CZ82
Keywords: None
Views: 1723
Comments: 1

85,000 Americans went on disability benefit in June 2012 while only 80,000 jobs were added in same period...

By Snejana Farberov

PUBLISHED:00:02 EST, 7 July 2012 | UPDATED:00:14 EST, 7 July 2012

The Obama administration has been touting the economy’s recovery, but the numbers are painting a different picture, namely that more workers joined the federal government's disability program in June than got new jobs, according to two new government reports.

The economy created 80,000 jobs in June, the Bureau of Labor Statistics reported on Friday.

In contrast, 85,000 workers left the workforce to enroll in the Social Security Disability Insurance program that same month, according to the Social Security Administration.

Bleak outlook: While the economy has created 2.6 million jobs since June of 2009, as many of 3.1 million people have become recipients of federal disability insurance

The disability ranks have been consistently ahead of job growth throughout the past three years, Investor's Business Daily reported.

While the economy has created 2.6 million jobs since June of 2009, as many of 3.1 million people have become recipients of federal disability insurance.

In other words, the number of new disability beneficiaries has climbed 19 per cent faster than the number of jobs created during the same period marked by sluggish recovery.

In total, a record of 8,733,461 workers took federal disability insurance payments in June, exceeding the entire population of New York City by more than 500,000, according to the Social Security Administration.

Slow recovery: The number of new disability beneficiaries has climbed 19 per cent faster than the number of jobs created between 2009 and 2012

And the trend is expected to continue. In just the last month, almost 275,000 people filed for disability benefits. Experts say that more people try to get on disability when jobs are hard to find, and changes to eligibility rules enacted back in 1984 have made it far easier to qualify.

The Social Security System’s Disability Insurance Trust Fund has run deficits in each of the last three fiscal years, meaning that the government has been forced to borrow money to pay disability benefits to the workers claiming them.

The number of people who have left the workforce altogether has jumped by 7.3 million since 2009, according to Investor's Business Daily. While same have retired, the vast majority either signed up for disability, went back to school, or just gave up on the idea of finding a job.

Deficit: The Disability Insurance Trust Fund has been forced to borrow money to make payments to the 8.7 million people claiming worker disability

June saw unemployment rise to 14.4 per cent for black Americans and remain at 11 per cent for Hispanics. Also, 780,000 more women are unemployed compared to the number when Obama took office in January 2009.

As a result, the ‘labor force participation rate’ — the number of people who have jobs or are actively looking for one compared with the entire working-age population — dropped from 65.7 per cent to 63.8 per cent.

In June of 2009. This participation rate is at the lowest levels in 30 years. The lackluster recovery has been marked by an unemployment rate that has remained above 8 per cent for 41 consecutive months. In the previous 60 years, the jobless topped 8 per cent in a total of only 39 months.

Over the past two decades, the number of people earning a paycheck in the U.S. has dramatically decreased, according to the conservative site CNS News.

Negative trend: The number of people who have jobs or are actively looking for one compared with the entire working-age population dropped from 65.7 per cent to 63.8 per cent

In June of 1992, according to the U.S. Bureau of Labor Statistics, nearly 120 million Americans were working for a living, compared to a little over 3 million who were relying on disability payments.

That equaled about one person taking disability payments for every 35.5 people on the labor force. Some 20 years later, that ratio has dramatically changed, with more than twice as many people receiving payments from the government.


Poster Comment:

So I wonder exactly how many of those 85,000 that just went on SSI are actually disabled???? 50?? 100?? 500?? (1 image)

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#1. To: CZ82 (#0)

Lost 350 000 jobs.

BLS blatantly lying now.

100 350 000 un And under employed while Duke Energy CEO gets $44 million for One Day of Work.

Torches and Pitchforks and Guillotines....O my!....;}

mcgowanjm  posted on  2012-07-09   7:10:56 ET  Reply   Trace   Private Reply  


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