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Post by jeffolie on May 4, 2012 16:03:40 GMT -6
11% jobless: SSI hides 5M Obama dropped workers SSI disability remains as part of the Social Security system ... ballooning Why? Jobless, hopeless men with pains, injuries quit looking for work. They dropped out into lifetime benefits. Soaring #'s. "... so far this year climbs to 539,000 ... more than 5 million workers and their families have enrolled in the disability program since Obama took office ... In fact, had the labor force participation rate had stayed where it was in June 2009, the unemployment rate would be around 11%.... the mass exodus of workers who can't find a job onto the disability rolls poses a long-term risk to the economy, since once enrolled, these workers almost never return to the active workforce. " Impact: funds will be bankrupt sooner...run out of money ============================= Labor Force Shrinks As Jobless Swell Disability Ranks The civilian labor force shrank in April by 342,000 workers, and remains below where it stood when the economic recovery started 34 months ago, according to data released Friday by the Bureau of Labor Statistics. Had the labor force not declined, unemployment would have been 8.3% in April, instead of the 8.1% reported. That same month, more than 225,000 workers applied for Social Security disability benefits, and nearly 90,000 were enrolled, according to new data from the Social Security Administration. Compared with June 2009, the month the economic recovery officially started, the labor force has shrunk by 365,000, a trend that has never occurred in any post World War 11 recovery. Those saw the labor force climb by the millions by this point in their recoveries, even as unemployment rates were driven down. The decline in the workforce combined with the growing population has pushed the labor force participation rate — which compares those working or looking for a job the working age population — to 63.6% in April. That's down from 65.7% in mid-2009, and is the lowest it's been since 1981. Economists note that the shrinking labor force has masked the true size of the unemployment problem, since people who quit looking for a job are no longer counted as unemployed. In fact, had the labor force participation rate had stayed where it was in June 2009, the unemployment rate would be around 11%. Many of those who've quit looking have instead signed up for disability benefits. So far this year, nearly 1 million workers have applied to get on the disability program. According to the Social Security Administration, more than a third will eventually be enrolled in the program. Almost 90,000 workers enrolled the program in April, pushing the total for new enrollees over 333,000 in the first four months of the year. If you add in spouses and dependents, the number of beneficiaries added to the program so far this year climbs to 539,000. As IBD reported recently, more than 5 million workers and their families have enrolled in the disability program since Obama took office. A report last fall from the Obama administration's economic advisers warns that the mass exodus of workers who can't find a job onto the disability rolls poses a long-term risk to the economy, since once enrolled, these workers almost never return to the active workforce. This can, the report said, result "in a loss to society of the economic contribution those workers could have made." news.investors.com/article/610306/201205040931/labor-force-shrinks-as-disability-grows.htm
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Post by jeffolie on May 4, 2012 16:47:01 GMT -6
today...bart wrote: My U7 reconstruction unemployment rate went from 21.4% up to 21.7%.
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Post by jeffolie on May 6, 2012 16:37:20 GMT -6
bart posted:
Those millions are included in my U7 reconstruction.
The minimum total difference between U3 and my U7 in unemployed/under employed people is about 12 million.
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Post by jeffolie on Jul 3, 2012 10:39:21 GMT -6
"... The Social Security System’s Disability Insurance Trust Fund has run deficits in each of the last three fiscal years, meaning the government has needed to borrow money to pay disability benefits to the workers claiming them. In fiscal 2009, the Disability Insurance Trust Fund deficit was $8.5 billion. In fiscal 2010, it was $20.8 billion. And in fiscal 2011, it was $25.3 billion.=================================== 8,733,461: Workers on Federal 'Disability' Exceed Population of New York CityJuly 2, 2012 (CNSNews.com) - A record of 8,733,461 workers took federal disability insurance payments in June 2012, according to the Social Security Administration. That was up from 8,707,185 in May. It also exceeds the entire population of New York City, which according to the Census Bureau's latest estimate hit 8,244,910 in July 2011. There has been a dramatic shrinkage in the United States over the past 20 years in the number of workers actually employed and earning paychecks per worker who is not employed and is taking federal disability insurance payments. In June 1992, according to the Bureau of Labor Statistics, there were 118,419,000 people employed in the United States, and, according to the Social Security Administration, there were 3,334,333 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 35.5 people actually working. When President Barack Obama was inaugurated in January 2009, there were 142,187,000 people employed and 7,442,377 workers taking federal disability payments. That equaled about 1 person taking disability payments for each 19.1 people actually working. In May of this year, there were 142,287,000 people employed, and 8,707,185 workers taking federal disability payments. That equaled 1 worker taking disability payments for each 16.3 people working. The federal disability payments made to the record 8,733,461 workers in June averaged $1,111.42. Only 11 states--California, Florida, Georgia, Illinois, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas—have populations in excess of the 8,733,461 workers who took disability payments in June. New Jersey’s 2010 Census population of 8,807,501 approximates the 8,733,461 workers who collected federal disability insurance in June. In addition to the 8,733,461 workers taking federal disability payments in June, there were also 165,469 spouses of disabled workers getting federal disability payments and 1,899,756 children of disabled workers getting benefits. That brought the total number of beneficiaries receiving disability insurance payment in June to 10,798,686. Federal disability insurance is funded by a 1.8 percent payroll tax split between employers and workers. Self-employed people pay the entire 1.8 percent. The Social Security System’s Disability Insurance Trust Fund has run deficits in each of the last three fiscal years, meaning the government has needed to borrow money to pay disability benefits to the workers claiming them. In fiscal 2009, the Disability Insurance Trust Fund deficit was $8.5 billion. In fiscal 2010, it was $20.8 billion. And in fiscal 2011, it was $25.3 billion. To be eligible for federal disability insurance payments, a person must have worked long enough to have qualified for the benefits and must also meet the Social Security Administration’s definition of “disabled.” “We consider you disabled under Social Security rules if: You cannot do work that you did before; we decide that you cannot adjust to other work because of your medical condition(s); and your disability has lasted or is expected to last for at least one year or to result in death,” says the Social Security Administration. Whether someone has worked long enough to qualify for federal disability insurance payments depends on their age and the number of “credits” they have earned from the Social Security system. “Social Security work credits are based on your total yearly wages or self-employment income,” SSA explains. “You can earn up to four credits each year. The amount needed for a credit changes from year to year. In 2012, for example, you earn one credit for each $1,130 of wages or self-employment income. When you've earned $4,520, you've earned your four credits for the year.” According to SSA’s formula, someone under 24 years of age would qualify for disability payments if he or she had earned at least 6 credits—or about $6,780—over the three years before they became disabled. cnsnews.com/news/article/8733461-workers-federal-disability-exceed-population-new-york-city
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Post by jeffolie on Jul 6, 2012 19:24:25 GMT -6
"85,000 ... More workers joined the federal government's disability program in June than got new jobs..80,000 jobs ... Disability Ranks Outpace New Jobs In Obama Recovery" "... now 63.8%, down from 65.7% in June 2009. This participation rate is at the lowest levels in 30 years. In previous recoveries, the participation rate has almost always risen, not fallen...." ============================= Disability Ranks Outpace New Jobs In Obama Recovery More workers joined the federal government's disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation's jobs picture is after three full years of economic recovery. The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration. The disability ranks have outpaced job growth throughout President Obama's recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits. In other words, the number of new disability enrollees has climbed 19% faster than the number of jobs created during the sluggish recovery. (Even after accounting for people who left the disability program because they died or aged into retirement, disability ranks have climbed more than 1.1 million in the past three years.) And the disability ranks will continue to swell. In just the last month, almost 275,000 put in applications for disability benefits. Experts say that more people try to get on disability when jobs are scarce, and changes to eligibility rules enacted back in 1984 have made it far easier to qualify. In addition, while hiring has been very weak during the recovery, the number of people who have dropped out of the labor force entirely has exploded by 7.3 million since June 2009, an IBD analysis of BLS data show. Some aged into retirement, but most either signed up for disability, stayed in school, moved back in with parents, or just quit looking for a job. As a result, the "labor force participation rate" — the number of people who have jobs or are actively looking for one compared with the entire working-age population — is now 63.8%, down from 65.7% in June 2009. This participation rate is at the lowest levels in 30 years. In previous recoveries, the participation rate has almost always risen, not fallen. Other indicators show that the three-year-old economic recovery isn't producing jobs in adequate numbers: The unemployment rate has been above 8% for 41 consecutive months. In the previous 60 years, the jobless topped 8% in a total of only 39 months. The number of people with jobs is still nearly 5 million below its pre-recession peak. The number of long-term unemployed — those out of work 27 weeks or more — is still 5.4 million — almost 1 million higher than when the recovery began, and almost twice the level it ever reached prior to Obama's recovery, news.investors.com/article/617233/201207060945/disability-climbs-faster-than-jobs-under-obama.htm
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Post by jeffolie on Jul 23, 2012 14:42:05 GMT -6
8,753,935: Workers on Disability Set Another Record in July; Exceed Population of 39 StatesJuly 23, 2012 (CNSNews.com) - The number of workers taking federal disability insurance payments hit yet another record in July, increasing to 8,753,935 during the month from the previous record of 8,733,461 set in June, according to newly released data from the Social Security Administration. The 8,753,935 workers who took federal disability insurance payments in July exceeded the population of 39 of the 50 states. Only 11 states—California, Texas, New York, Florida, Illinois, Pennsylvania, Ohio, Michigan, Georgia, North Carolina and New Jersey—had more people in them than the number of workers on the federal disability insurance rolls in July. Virginia, the twelfth most-populous state, had 8,096,604 people in 2011, according to the latest Census Bureau estimate. That would make Virginia’s population about 657,331 less than the number of workers who took federal disability insurance payments in July. Congress enacted legislation in 1956 to add federal disability insurance to the Social Security system. Over the decades, the number of Americans actually working has dramatically declined relative to the number claiming federal disability insurance payments. By July 1967, there 74,520,000 Americans actually working and 1,145,663 workers taking disability payments. That made a ratio of 65 actual workers for each worker collecting disability. In July 1987, there were 112,634,000 people actually working and 2,759,852 people collecting disability—a ratio of about 41 actual workers to each worker collecting disability. When President Barack Obama took office in January 2009, there were 142,187,000 people actually working and 7,442,377 workers collecting disability—a ratio of about 19 to 1. In June, there were 142,415,000 people actually working and 8,733,461 workers claiming disability—a ratio of about 16 to 1. In July, in addition to the 8,753,935 workers who received federal disability insurance payments, there were also 165,564 spouses of disabled workers and 1,850,653 children of disabled workers who received payments. That brought the total number of disability beneficiaries to 10,770,152. Federal disability insurance is funded by a 1.8 percent payroll tax that is split between employers and workers. Self-employed people pay the entire 1.8 percent. The Social Security System’s Disability Insurance Trust Fund has run deficits in each of the last three fiscal years, meaning the government has needed to borrow money to pay disability benefits to the workers claiming them. In fiscal 2009, the Disability Insurance Trust Fund ran a deficit of $8.5 billion. In fiscal 2010, it ran a deficit of $20.8 billion. And in fiscal 2011, it ran a deficit of $25.3 billion. To be eligible for federal disability insurance payments, a person must have worked long enough to have qualified for the benefits and must also meet the Social Security Administration’s definition of “disabled.” “We consider you disabled under Social Security rules if: You cannot do work that you did before; we decide that you cannot adjust to other work because of your medical condition(s); and your disability has lasted or is expected to last for at least one year or to result in death,” says the Social Security Administration. Whether someone has worked long enough to qualify for federal disability insurance payments depends on their age and the number of “credits” they have earned from the Social Security system. “Social Security work credits are based on your total yearly wages or self-employment income,” the Social Security Administration explains. “You can earn up to four credits each year. The amount needed for a credit changes from year to year. In 2012, for example, you earn one credit for each $1,130 of wages or self-employment income. When you've earned $4,520, you've earned your four credits for the year.” According to the Social Security Administration’s formula, someone under 24 years of age would qualify for disability payments if he or she had earned at least 6 credits—or about $6,780—over the three years before they became disabled. cnsnews.com/news/article/8753935-workers-disability-set-another-record-july-exceed-population-39-states
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