The number of workers receiving SSDI (disability insurance) has jumped a remarkable 22 percent to 8.7 million in April from 7.1 million in December 2007. This accounts for as much as one quarter of the decline in the U.S. labor-force participation rate during the period, according to economists at JPMorgan Chase & Co. and Morgan Stanley.
“Workers on SSDI rarely return to the labor force...," according to report written by the National Economic Council, Domestic Policy Council, Labor Department and President’s Council of Economic Advisers.
More than 99 percent of all SSDI beneficiaries remain in the program until retirement age, David Greenlaw, a managing director in New York at Morgan Stanley, wrote in a March research note.
One suspects that a large part of this group are the aggressive seekers of government handouts. What's alarming is how fast this group is growing. Greece and other parts of the eurozone are ahead of us, as far those who seek to live off the state, but the notion that living off the state is some kind of "natural right" is obviously growing in the U.S. This means that the burdens on the U.S Treasury continue to grow and ultimately means more printing by the Fed and more deterioration of the value of the dollar. Not good.
(htM)
EconTalk had a good podcast on the subject.
ReplyDeletehttp://www.econtalk.org/archives/2012/04/autor_on_disabi.html
well, raise the age at which social security benefits kick in and all of a sudden older people discover they are disabled.
ReplyDeleteSounds silly but the best thing they did to keep these programs afloat, especially unemployment, was get rid of the lines and get claims for benefits online or telephone. Imagine if we could see on news etc. the lengthy lines? People are seers and if they can't see they tend to disbelieve in their true plight and thus don't react. That's the real motivation from the state to cut costs close offices and harness the internet.
ReplyDeleteImagine an orderly Occupy line...
I can see SDI claims going up since the Baby Boomers have reached older age. I don't buy into the younger claims about attention deficit disorder and the other psuedo like dis-eases getting approved
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The majority of these new claims are for children that mom gets a Dx of ADD so she can get on the gravy train.
ReplyDeleteFact: Before the ADA law was passed 50% of disabled people had jobs, today 35% have jobs why, bottom feeder lawyers have employers scared to death of hiring these people. Years ago I had five low iq adults working for me they were the best employees that anyone could ask for and they were great with customers.
In inner cities, they call it getting a "crazy check" when someone is awarded SSDI or SSI for allegedly being bipolar, ADD, etc. It seems if you're persistant enough or get a good lawyer, you'll get it sooner or later.
ReplyDeleteI dont know where all these people are getting checks. I have been disabled, rated, and still told Im breathing go get a job. This is Trojan Horse, and the SS Tax is not going back to people but to Pay for congresses free health care plan. Why should we even have access to Health Care, its only for the Govt. What do you people think, the Govt is here for the people? No where in the Constitution does it say, "We the Govt". Your free, you can buy what you want with your part time minimum wage jobs and no benefits. So quit your crying, and get back to work.
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