Social Security Continues to Post Massive Multibillion Dollar Deficits, Number of Participants Continues to Grow

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The Social Security program posted a $47.8 billion deficit for FY2012, bringing in $725.429 billion in cash and paying out $773.247 for benefits and other expenses, according to agency data and

But wait. There’s more!

“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,” adds.

Yes, Social Security participation has topped 8.8 million.

“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,” the report adds.

The report continues:

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.

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(H/T: WZ). Featured Image courtesy Getty Images.