Nov 20, 2012 No Comments ›› Chuck Biscuits
(CNSNews.com) - Federal disability insurance payments hit a record $135 billion in fiscal 2012, which ended on Sept. 30.
That was more than the $124.712 billion the Department of Defense paid in fiscal 2012 for procurement of goods and services, according to the federal government’s Monthly Treasury Statement for September.
The number of workers taking disability also climbed to yet a new record of 8,805,353 in November, rising from the previous record of 8,803,335 in October.
According to official data published by the Social Security Administration, the record $135.097 billion in disability payments that the federal government distributed in fiscal 2012 was an increase of $7.117 billion from the $127.980 billion in disability payments the federal government distributed in fiscal 2011.
In the last four fiscal years, federal disability payments have increased from $104.517 billion to $135.097 billion, a jump of $30.58 billion or 29 percent. Over the past decade, annual federal disability payments have more than doubled from the $64.156 billion the government paid out in fiscal 2002.
Given that the Bureau of Labor Statistics said there were 115,459,000 Americans working full-time in October, the 8,805,353 workers now collecting disability equal about 1 for each 13 full-time workers.