by Margaret M. | December 27, 2017 2:58 pm
According to new numbers released from the Social Security Administration, the number of people currently benefiting from the program is at an all-time high.
As of November 2017, there are 61,859,250 people currently receiving benefits from Social Security.
So, what’s the big deal? When compared to new numbers from the Bureau of Labor Statistics, despite the country enjoying its lowest unemployment rate since 2000, there are now only 2.05 full-time workers for every 1 person receiving Social Security. When you factor in the number of people working in both full and part time jobs, there are still only 2.49 workers for every 1 receiving benefits.
Right now, the program is staring down the barrel at $12.5 trillion in unfunded benefits over the next 75 years.
Social Security, including Old Age and Survivors Insurance, and Disability Insurance, are supposed to be covered by payroll taxes of approximately 10% with payments made from your paycheck and from the government. And now the Social Security board of trustees say that they need more money to cover the shortfall. In a report, the Trustees said that, “The 2016 excess of total income over cost for the year was $35 billion… however, when interest income is excluded, Social Security’s cost is projected to exceed its non-interest income throughout the projection period, as it has since 2010.” They then went on to say that Congress should be raising taxes and cutting benefits, or taxing money from other programs in order to fund the billions of missing dollars needed for the program.
But, right now, the federal debt is over 20.4 trillion dollars, or $133,142 worth of debt for every person with a full or part time job.
In the original Security Security Act in 1935, the minimum age for full benefits was listed at 65.
Over the next few years, the age will be raised to 67, despite the fact that average life expectancy for both men and women has been raised 7 years each to 84.3 for men and 86.6 for women.
One month after Trump took office it was discovered that new inspectors, assigned to eyeball retirement and disability benefits, found that over $1,000,000,000 had been paid out to people who did not have a Social Security Number on file. At the time it was estimated by the Inspector General that the SSA pays $185.2 million in benefits to people with no SSN supporting their legitimacy as Americans.
In October, we wrote about the early warning signs that Social Security might have trouble with their books, when they announced a 2% increase for Americans receiving Supplemental Security Income in 2018, approximately $27 extra per month. At the time we wrote that the Administration estimated that Social Security would have given out $995 billion in benefits by year-end 2017.
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