One social-security recipient for every 1.6 full-time workers
San Francisco, CA -- (SBWIRE) -- 01/21/2013 -- The total number of individuals now collecting Social Security disability benefits reached a new record high with 8.82 million in December. That number is up from 8.80 in November, according to data released by the Social Security Administration.
The number of those who currently receive benefits, including retirees, dependent family members, and survivors, as well as disabled works and their dependent family members, also set a new record in the final month of 2012. The tally now stands at $56.75 billion.
In total, the Social Security program rung up a $47.8 billion deficit in its fiscal 2012 totals. That bring means $725.4 billion in cash and another 773.2 billion in benefits according to the data released.
The U.S. has an average of 112.5 million who are classified as full-time workers, according to 2011 numbers from the Bureau of Labor Statistics. Of that total, 17.8 million worked full-time for government agencies at the local, state, or federal level.
That left a group of 94.7 million full-time workers in within the private sector, according the the BLS data.
But what do these numbers mean for the Americans? For every 1.67 Americans who worked full-time in the private sector, there was a person collecting Social Security benefits, CNS reported.
Despite the overall deficit, Social Security Administration booked an on-paper gain of over $64 billion for the Trust Funds, which results from the U.S. Treasury paying the funds $112.3 billion in interest in fiscal 2012.
As of the close of the 2011 fiscal year, Social Security Trust Fund totals equaled nearly $2.678 trillion. The last time the fund ran a “net cash flow” surplus was 2009. The agency benefited from overhead payments that year, to the tune of $19.3 billion.
The agency administers two separate arms of Social Security Trust Funds. There is the Old Age and Survivors Insurance Trust Fund, as well as Disability Insurance Trust Fund.
The OASI pays for both retired workers and survivors the deceased, according to the CNS. The disability portions funds those who cannot work due to a list possible disabilities.
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