Despite these numbers, Democrats won’t lift a finger to fix Social Security, which is paying out more than it takes in under Obama.
(CNSNews.com) – The Social Security program ran a $47.8 billion deficit in fiscal 2012 as the program brought in $725.429 billion in cash and paid $773.247 for benefits and overhead expenses, according toofficial data published by Social Security Administration.
3-straight years under Obama. Another record he produces but you won’t to hear this from the liberal Obama-worshiping media.
The Social Security Administration also released new data revealing that the number of workers collecting disability benefits hit a record 8,827,795 in December–up from 8,805,353 in November.
Under Obamanomics, the new norm is a record number of Americans leaving the labor force and collecting disability for a living.
The overall number of Social Security program beneficiaries—including retired workers, dependent family members and survivors and disabled workers and their dependent family members—also hit a record in December, climbing from 56,658,978 in November to 56,758,185 in December.
In 2011, according to the Bureau of Labor Statistics, there was an average of 112.556 million full-time workers in the United States, of whom 17.806 million worked full-time for local, state or federal government. That left an average of only 94.750 million full-time private sector workers in the country.
That means that for every 1.67 Americans who worked full-time in the private sector in 2011, there is now 1 person collecting benefits from the Social Security administration.
It use to be 6-to-1. Social Security is one program that adds to the national deficit but Democrats just keep stealing from it to pay for all their liberal feel-good policies.
Despite its fiscal 2012 “net cash flow” deficit, as SSA describes it, the agency was able to book an on-paper “increase” of $64.580 billion in the Social Security Trust Funds. That, SSA says, is because the U.S. Treasury “paid” the trust funds $112.398 in “interest” in fiscal 2012 on the historial surpluses in Social Security taxes that the Treasury siphoned off to cover other spending by the federal government.
Think bank bail-outs, auto bail-outs and Obama’s $1 trillion plus budget deficits (stimulus/99 weeks of unemployment, ObamaCare, HAMP). All paid by stealing $$ from the Social Security “lock-box.”
As of the end of calendar year 2011, according to SSA, the Social Security Trust Fund equaled approximately $2.678 trillion.