Is Social Security Disability Important to the Nation’s Economy?

You may be tired of being constantly bombarded with news about Social Security Disability Insurance (SSDI), as much of what is reported seems to paint the program in a negative light.

However, not all of what you read is true. Recently, The Center on Budget and Policy Priorities released a chart book explaining SSDI and its importance to the American economy. According to the group, as of December 2013, 8.9 million people received disabled-worker benefits from Social Security. Payments also went to 160,000 spouses and 1.9 million children.

Many of these families are living at near-poverty levels, and the only thing keeping them from destitution is Social Security.

“[SSDI] benefits are financed primarily by a portion of the Social Security payroll tax and totaled about $140 billion in 2013. That’s 4 percent of the federal budget and less than 1 percent of the gross domestic product (GDP),” the report states, indicating how little the social safety net is funded in comparison to other programs or the economy as a whole.

The group states that the number of people collecting SSDI has grown due to several reasons:

  • Population growth
  • Aging of the baby boomers
  • Growth in women’s labor force participation
  • A rise in Social Security’s full retirement age from 65 to 66

Additionally, and more frighteningly, the group said that about one-third of young workers today will die or receiving SSDI before they reach the age necessary to obtain retirement, making disability benefits all the more important.

For more information, you can read the chart book by visiting the National Organization of Social Security Claimants’ Representatives (NOSSCR) website.

How Can Social Security Disability Benefits Help Me?

For further information about SSDI qualifications, we suggest you visit our FAQ page. Again, these benefits are vital to people. As the group reported, the average disabled-worker benefit is about $1,150 a month, with 92 percent of beneficiaries receiving less than $2,000 a month.

If you have questions about applying for SSDI, call us today. Our own Steve Troutman is a member of the NOSSCR, and has attended every organizational conference since he began practicing law.

Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers

Troutman Touts: Only 28 percent of Social Security Disability recipients return to work after receiving benefits.

Source: http://www.nosscr.org/news/2014/07/new-chart-book-paints-picture-disability-insurance



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