Search This Blog

Friday, April 5, 2013

Disability Trust Fund Ran Record $31.2B Deficit in 2012; In Deficit Every Year Under Obama | CNS News

Disability Trust Fund Ran Record $31.2B Deficit in 2012; In Deficit Every Year Under Obama | CNS News

(CNSNews.com) - The federal Disability Insurance Trust Fund, which takes in money via a federal payroll tax and pays it out in disability benefits, ran a record $31.2 billion deficit in calendar year 2012, according to the Social Security Administration.
That means the trust fund has run a deficit in each of the first four years of the Obama presidency.
For fifteen straight years before Obama took office—from 1994 through 2008—the Disability Insurance Trust Fund ran a surplus. In 2007, for example, it ran an $11 billion surplus and in 2008 it ran an $889-million surplus.
In 2009, however, the Disability Insurance Trust Fund dipped into the red and has not returned to the black since then. In fact, each year since then the annual defiict has increased.
In 2009, the disability trust fund ran a $12.2 billion deficit; in 2010, it ran a $23.6 billion deficit; in 2011, it ran a $26.1 billion deficit; and in 2012, it ran a $31.2 billion deficit.
These deficits in the Disability Insurance Trust Fund have coincided with a massive run-up in the number of American workers taking federal disability payments.

No comments:

Post a Comment