Now you can see, Obama loves to keep people dependent on government. The total number of workers collecting Social Security disability benefits reached a record 8.82 million in December, up from 8.80 million in November. Also, from the SSA, the total number receiving Social Security benefits — including retirees, dependent family members and their survivors, and disabled workers and their dependent family members — also set a record in December, jumping to 56.75 billion in December from 56.65 billion the previous month.
Overall, Social Security program ran a $47.8 billion deficit in fiscal 2012 — bringing in $725.4 billion in cash and paying out $773.2 billion in benefits and expenses, according to the data.
The US has an average of 112.5 million full-time workers in 2011, according to the Bureau of Labor Statistics. Of that number, 17.8 million people worked full-time for local, state or federal government agencies.
This leaves an average of only 94.7 million full-time workers in the private sector that year, according to BLS data.
So for every 1.67 Americans who worked full-time in the private sector last year, there is now 1 person collecting Social Security benefits. Even though the agency has a deficit, the Social Security Administration booked an on-paper gain of $64.5 billion in the Social Security Trust Funds.
As a result, the U.S. Treasury paying the trust funds $112.3 billion in interest in fiscal 2012 on the historical surpluses in Social Security taxes that the Treasury took out to cover other spending by the federal government.
The last time the Social Security program ran a “net cash flow” surplus was in fiscal 2009. That year, the agency’s revenues exceeded its benefit and overhead payments by $19.3 billion.
But in fiscal 2010, Social Security ran a $36.8 billion deficit — and it ran a $47.9 billion deficit in fiscal 2011. The agency administers two Social Security Trust Funds: the Old Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund.
Now the OASI Trust Fund pays benefits to retired workers and their families and to families of deceased workers. The disability insurance fund provides benefits to disabled workers and their families. By law, trusts are supposed to return all surplus revenues to the Treasury — and the Treasury then provides “special issue” non-marketable bonds, essentially electronic IOUs, to the trusts in return for the cash. These “IOUs” become part of the national debt.
When the Treasury pays “interest” that increases the value of the Social Security Trust Funds, it does so by increasing the number of IOUs it owes the trusts, CNS reports.
Social Security program runs a “net cash flow” deficit, the Treasury must borrow cash from the public to keep the program financed. As of Dec. 21, the federal debt was $16.336 trillion, CNS reports.