Some Social Security Applicants Waiting Two Years For Benefits
The Social Security program is already in deficit, meaning it must pay more out in benefits than it collects in taxes from our paychecks, and because the Social Security Trust Fund is the #1 investor in the US national debt every time the program must dip into that fund it adds to the national debt.
But now the program has been flooded with new applicants for benefits, caused by the bad economy. So much so that there’s a two-year backlog in approving applicants:
WASHINGTON — Laid-off workers and aging baby boomers are flooding Social Security’s disability program with benefit claims, pushing the financially strapped system toward the brink of insolvency.
Applications are up nearly 50 percent over a decade ago as people with disabilities lose their jobs and can’t find new ones in an economy that has shed nearly 7 million jobs.
The stampede for benefits is adding to a growing backlog of applicants — many wait two years or more before their cases are resolved — and worsening the financial problems of a program that’s been running in the red for years.
Not surprisingly, this enormous national defined-benefits retirement program is resulting in shortages, rationing and bankruptcy. And the only solution from the program’s apologists is to give those forced to pay into the program less.
Because it’s not like the normal ponzi scheme where you can just find more suckers to put at the bottom of the pyramid. Every single working American is already participating by law. Which makes Social Security far worse than any ponzi scheme in that at least you can say that the victims of those schemes chose to be a part of the scheme.
The average American gets no such luxury with Social Security.Tags: social security