In addition to its programs that provide benefits to retirees, disabled workers and their families, and the families of those who have passed away, the Social Security Administration (“SSA”) crunches a lot of economic numbers that give us a glance at how the economy and workers are doing. The SSA keeps track of all the working wages of Americans in order to determine the benefits they would be eligible to receive. Its recent release of numbers is sure to stoke political flames as we head into an election year.
The stats coming from the SSA show an economy that does not yet appear to be getting any better. About half of American workers are making less than what they did last year. Those making less than $26,364 have been making even less in 2011 than they did in 2010. The times have not been so rough on everyone – the number of Americans making more than $1 million a year has grown by 18% since 2009. These numbers and what to do about them are two topics that are sure to be hot topics at forthcoming presidential debates.
Employment numbers continue to look fairly grim. The SSA reported that there were 150.4 million workers employed in full-time jobs. In 2009, that number was 150.9 million, and, in 2008, that number was 155.4 million. In other words, today, there are fewer people working despite a growing population in the US.
Do you have anything to add to the economic news released by the Social Security Administration? Is there other information to help us more fully understand the seemingly bleak economic picture?
Troutman & Troutman, P.C. – Tulsa Social Security disability lawyers