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Friday, September 2, 2011

Social Security disability on verge of insolvency

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How America Can Be Saved: A Lecture by Hans-Hermann Hoppe(more)Article posted Aug 21 2011, 9:01 PMCategory: EconomySource: Associated PressPrint
Social Security disability on verge of insolvencyBy STEPHEN OHLEMACHER

Verge? It's been running on printed money for years.WASHINGTON (AP) ? 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.

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