Social Security disability trust fund deficit at $31.49B
The Social Security Disability Trust Fund annual deficit reached $31.49 billion in the fiscal year 2013, with its remaining balance of $100.49 billion expected to be gone by 2016, officials from the Social Security Administration have reported.
Cato Institute budget analyst Tad deHaven said this gradual depletion can be attributed to the increase in recipients, who, despite better medicine and devices available to assist the disabled so they can recover from illnesses much faster, have continued to seek disability benefits. This increase in the recipient rate has slowly eroded the fund.
Earlier in October, it was reported that the number of disability benefit recipients jumped to more than 8.9 million from 7.4 million when President Barack Obama first held office, an increase of 20%.
SSDI benefits were also received by 2 million spouses and children of disabled workers, making the total number of disability benefit recipients 10.9 million.
Our lawyers at the Hankey Law Office in Indianapolis are committed to helping disabled workers apply for Social Security disability benefits. Call our offices today at (317) 634-8565 if you are disabled, unable to work, and in need of financial assistance.