Another One Bites The Dust

Yet another government entitlement program looks to be about to go belly up.

Social Security Disability Payments Could End in 2017

Aging baby boomers and laid-off workers are inundating Social Security’s disability program with benefit claims, a financial strain that new congressional estimates report could leave the program bankrupt by 2017.

Applications have increased by 50 percent over the past decade, according to a report from the Congressional Budget Office (CBO), as more people with disabilities lost their jobs — and often remain unemployed for months or even years — in an economy that has been hemorrhaging jobs.

See also:
Social Security Disability and SSI going broke
Social Security Disability Payments May Cease in 2017
Social Security disability on verge of insolvency
Report: Disability fund losing cash
A look at Social Security’s disability program
Old And In The Way: The Politics, Policies and Poverty Of Aging
Soc. Sec. disabilities claims up by 50%
U.S. Trust Funds
Social Security Disability Payments In Peril by 2017
Another Looming Entitlement Crisis
Social Security Disability Fund In Trouble
Government Running Out of Funds for Social Security
Social Security disability payments could end in 2017

Medicare, Social Security, and now Social Security Disability are all well down the road toward insolvency and the politicians, particularly the Democrats, don’t have the guts to do a damn thing about it. So, if you’re under say, 50, I wouldn’t be counting on any of these entitlement programs to be there for you when you might need them in the future.

/it’s the Age of Obama economy and you’re just going to have to learn to fend for yourself

Slip Slidin’ Away

Gee, the weasel politicians in Washington continue to abdicate their responsibility and keep kicking the can down the road and the Social Security and Medicare insolvency problem keeps getting worse year after year. Go figure.

Financial Outlook Worsens for Social Security, Medicare

Social Security and Medicare’s annual checkup found that the entitlement system continues to face long-term financial challenges. The Social Security trust fund is expected to be exhausted in 2036, one year sooner than was projected last year. And the date Medicare’s hospital insurance trust fund is projected to be depleted has advanced up to 2024, five years earlier than in last year’s report. Once those dates pass, there will only be sufficient resources coming in to pay out about 77 percent of scheduled Social Security benefits and 90 percent of retirees hospital insurance costs, unless changes are made to the program.

Read the Medicare trustees’ report:

2011 ANNUAL REPORT OF THE BOARDS OF TRUSTEES OF THE FEDERAL HOSPITAL INSURANCE AND FEDERAL SUPPLEMENTARY MEDICAL INSURANCE TRUST FUNDS

See also:
Social Security Board of Trustees: Projected Trust Fund Exhaustion
One Year Sooner

Outlook Worsening for Social Security, Medicare, Trustees Say
New report warns Social Security, Medicare could run out of money even earlier than feared
Outlook for Social Security, Medicare Poor: Trustees
Medicare could run out of money sooner than previously predicted
Bleaker outlook for Social Security, Medicare
Outlook for Medicare, Social Security worsens
Government: How bad is the news about Social Security?
Medicare and Social Security Trustees report: Capitol Hill reaction
Medicare funds will be depleted in 13 years, report says

And, since we’re already into the 2012 election cycle, I wouldn’t expect Obama or Congress to step up and have the courage to make the hard, politically unpopular decisions that will have to be made in order to put Medicare and Social Security back on the path to solvency. Just look at how Paul Ryan is already being attacked for lucidly speaking truth to the demagogues. And so, next year, there’ll be another report telling us that the insolvency problem for Medicare and Social Security has gotten even worse.

/seriously, you didn’t really think you were going to collect Medicare and Social Security benefits, did you?