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Report: Social Security Posts $47.8 Billion Deficit in 2012, Announces Record-Breaking Participation Numbers

Dec. 26, 2012 8:55pm Becket Adams

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

Credit: Getty Images

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 CNSNews.com.

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,” CNSNews.com 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 CNSNews.com 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.

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Comments (75)

SysAdminPgh
Posted on December 27, 2012 at 1:15am
We just got new neighbors from Russia. The father came here because he needed a heart transplant. Taxpayers paid for that. About a week before they were to return to Russia they claimed that if the father returned he wouldn’t be able to get his meds so our wonderful government allowed them to stay forever. They even allowed him to bring in the rest of his family all the way down to third cousins. Now all 25 live in a three bedroom, $340,000 home paid for by the taxpayers. That’s bad enough but the entire family is drawing SS payments. How much did they all pay into SS? ZERO! How many others are doing the same? All the medical care is paid by taxpayers. And an American died by NOT getting a heart transplant. I live in Pittsburgh, the heart of transplants, and more and more we see non-Americans getting organs and taxpayers paying for them and their aftercare. Many in healthcare here are NO longer organ donors. Including several transplant surgeons. Let’s stop this kind of crap first!!!

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- girlnurse
  Posted on December 27, 2012 at 1:51am
  I dont know what they’re getting but you cannot recieve social security benefits unless you OR a spouse paid into the system for so many years OR a young child of someone who paid in.
  The other thing many never consider is the people who work their entire lives and then die before they can collect anything. It ALL goes back to the government unless a spouse makes a claim on it.
  
  Report this comment
- SlushPuppyKing
  Posted on December 27, 2012 at 4:42am
  Cool story you just made up out of thin air!
  
  Report this comment
- naughtycal
  Posted on December 27, 2012 at 7:52am
  Girlnurse,
  You can get social security without your family ever putting a dime in disable people get it all the time. More over since SS was placed in a the general fund all welfares systems can draw water from it . Fact is SS should be abolished as it is being used as general tax dollars in the first place. Americans should have the option to opt out of the program especiaally those who’ll never need it.
  
  Report this comment
- mikem1969
  Posted on December 27, 2012 at 8:38am
  girlnurse, please get educated. Millions of ILLEGALS get social security, medicaed, medicare, and so on and have never paid a dime into the system. I see proof of it every day. But the bleeding heart liberals won’t let us cut them off, it would be cruel. How about we fix the system so only CITIZENS OF THE USA can get benefits from them. Then the ILLEGAL REVOLVING DOOR would stop flapping in the wind so much and folks like those sysadminpgh is talking about won’t come here to live off the taxpayer dole.
  
  Report this comment
- turkey13
  Posted on December 27, 2012 at 9:02am
  All the welfare folks will switch over to SSI when they reach age 65. Now they just get welfare & Medicade. Instead of raising taxes Obama has ordered 10 new printing presses to print $$$$. If he gets them and fires up all of them and run them 24/7 there will be enough money for a year or two. I have to go to Emergency One a private office if I get sick. My old Dr. retired and my new Dr. takes 2 months to get in. Our local emergency room at the hospital takes 4 to 5 hrs to get in unless you are having a heart attack.
  
  Report this comment
- StandingOnMyHead
  Posted on December 27, 2012 at 12:49pm
  @MIKEM: I can not stand responses like yours when someone gives you the facts that you are not willing to accept all you can respond with is “get educated”. Girlnurse is correct, you are not “entitled” to SS or SSDI unless you or a family member have enough “work credits”. SSI is a different program that is not paid out of SS funds.
  
  Report this comment
uptickusa
Posted on December 27, 2012 at 12:02am
make all participants earning money pay 2% with no cap to include earned and un-earned salary-this will make it solvent in 3 years-then revamp it and make it workable as it should be…

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- Cavallo
  Posted on December 27, 2012 at 10:36am
  It is filled with nothing but IOUs and goes into the general fund. There is no reason they wouldn’t do the same with any new system as well. They want to keep driving on this crazy train until it derails and kills us all.
  
  Report this comment
mhalligan83
Posted on December 26, 2012 at 10:48pm
In another article:
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.

As of the end of calendar year 2011, according to SSA, the Social Security Trust Fund equaled approximately $2.678 trillion.

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- stelin1998
  Posted on December 27, 2012 at 9:50am
  Government interest payments equal worthless IOU’s. Left hand paying the right hand. Good luck cashing those in when SS is bankrupt.
  
  Report this comment
mhalligan83
Posted on December 26, 2012 at 10:45pm
this information was left out of this report:
“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.”

As of the end of calendar year 2011, according to SSA, the Social Security Trust Fund equaled approximately $2.678 trillion.

“

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South Philly Boy
Posted on December 26, 2012 at 10:45pm
Need to CUT Fed Govt worker’s pay… ALL OF THEM

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- Rrddbb
  Posted on December 26, 2012 at 10:59pm
  DAMN RIGHT!!! Make the fed workers work alot more than their 20 years to retire w/ 70% of their
  working pay!!! The old saying goes like this. ” My father never had a job, he worked for the fed govt”!!
  
  Report this comment
Dan_o
Posted on December 26, 2012 at 10:45pm
Don’t raise my taxes until all wasteful spending is ceased.

It seems we are at an impasse, man with the sign.

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- 702TruthSeeker
  Posted on December 27, 2012 at 5:53pm
  the sign should be written out in chinese, since that’s where the money to pay for his SS is coming from. taking 100% of profits and property from the rich is not enough to pay for SS
  
  Report this comment
mhalligan83
Posted on December 26, 2012 at 10:37pm
interesting comments. People stealing from the system are not the user of the benefit, it’s the doctors and hospitals who are using fraud to steal from the system. Yes, there are a few people who malinger for the benefits, but many get caught and have to pay the money back, but they never get as much as the doctors and hospitals. I’ve paid into the system for years, Medicare nor SSDI is an entitlement, we pay for those. SSI and Medicaid are entitlements for people with disabilities. I tried to get out of the Federal retirement system years ago, but after the 1960′s it was no longer a voluntary fund. Even at that, many things have changed and the system has gradually pulled back funding in many ways. It’s a complex system and many talk through their butts, because they know very little about it. Also, the American population is losing ground on longevity, we are starting to die a little earlier, from the last account i read. I’ve also read other sources that state SS is perfectly solvent and can sustain itself for some time to come. I’ll check sources. Good article

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- missdagnytaggart
  Posted on December 27, 2012 at 1:44pm
  I work in a hospital and I see plenty of younger patients who are “disabled” but in reality are more than capable of putting in an honest days work, they’re just leaches who would rather sit on their ass watching Jerry Springer and collecting social security disability. Same is to be said for many of the younger patients we see with Medicaid as their payee source; There’s nothing wrong with them, its just they know that the more illegitimate kids they push out the longer they are eligible to receive “free” healthcare.
  
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drenfroe
Posted on December 26, 2012 at 10:23pm
The trouble with SS is the government and their robbing of our money, same as the robbing of our tax dollars through multi-taxing. For as long as each individual pays in to SS and how much is actually collected (not what the so called experts calculate on what ifs) there is no reason there should be anything said. No one should be collecting SS from American’s. This crap they are handing out about too many people getting their own funds they’ve paid in since the ages of 15 and 16 to the ags of 65 is complete bullcrap. Get off it the money shouldn’t be touched by anyone that hasn’t paid in and shouldn’t be touched by the government. I think the all the politicians should be held accountable to pay back the debt owed the American people as well as accountavle for the debt they have gotten America into. The people should not have to pay for all the theivery of politicians and their cronies.

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BasketFullOfPuppies
Posted on December 26, 2012 at 10:05pm
Sustainability is one of the buzzwords of the day. So, what is sustainable about this?

I am 48 years old and have absolutely no doubt that I will NEVER receive a Social Security check. It won’t exist. It can’t survive. The biggest question in my mind, is whether my country will still exist, at that time?

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TRILO
Posted on December 26, 2012 at 10:03pm
The problem with Social Security and Medicare is they are both ponzi schemes. Ponzi schemes fail when more people start taking out of the scheme than put into it.

In 1945, five years after Social Security started there were 41 workers to every 1 drawing benefits. By 1965 the ratio was 4:1. Now look where it is. Just wait until the baby boomers really start to retire. There will be more beneficiaries than contributors. Add to that problem the fact that people now claim benefits for 10-20+ years after retirement. The system was NEVER designed for this. They could have put the $$ collected on the moon or in a “locked box” and Social Security would still be broke. Unfortunately politicians have never had a set to properly address the problem because old people vote.

The politicians need to be sharing a cell with Bernie Madoff.

http://www.ssa.gov/history/ratios.html

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- Goldi-lox
  Posted on December 27, 2012 at 3:24am
  Not just baby boomers and the increased “disability” folks burdening the system… Just wait till GAY MARRIAGE becomes LAW OF THE LAND; and all those GAY SPOUSES start collecting SPOUSAL BENEFITS under Social Security laws. :(
  
  Report this comment
charles116
Posted on December 26, 2012 at 10:02pm
That does not mean SS is in the red,

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- Cavallo
  Posted on December 26, 2012 at 10:38pm
  How does spending more than you bring in and having zero amount saved previously not mean you are in the red? It’ll bankrupt the rest of the system in a relatively short time.
  
  Report this comment
taintso
Posted on December 26, 2012 at 9:59pm
Perhaps people that never paid into it shouldn’t be allowed to draw from it, self inflicted disabilities like drug use, overeating or just plain not wanting to work should not be allowed. And any politician who presented or voted for any bill borrowing money from the fund that has not been paid back should be paid from their personal funds, estates, off shore trusts, etc.

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thegodfather
Posted on December 26, 2012 at 9:57pm
Over half our nation…in denial. Drugs addicts (for tax money)….they just need another fix.

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sparkyrules
Posted on December 26, 2012 at 9:56pm
My 33 yr.old neighbor always walks around with a cane in the Summer.Bad back he says.He always smiles and smells like weed,if you get close enough.
Its so weird to see him shoveling and flinging snow in the Winter,without the cane.Just like the rest of us who need a clear driveway.

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- TH777
  Posted on December 26, 2012 at 10:03pm
  That’s not Social Security. That’s Disability. Sounds like fraud.
  
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soybomb315_II
Posted on December 26, 2012 at 9:34pm
People who are currently on social security and those soon to receive social security have watched for decades as the government raided the social security fund to spend on other programs….But they did not demand any reforms or government spending cuts. Now they expect that money to be there for them (even though they allowed the government to spend it). It is THEIR OWN FAULT the thing is bankrupt and they should stop whining about entitlement cuts…..

However, people younger than 35 know there will be nothing for them when they get old.

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- soybomb315_II
  Posted on December 26, 2012 at 9:38pm
  and by the way, the older people are the ones that supported Ron Paul the least – while the young people supported Ron Paul the most….just an observation
  
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- freeberty
  Posted on December 26, 2012 at 10:05pm
  Soy
  
  They love to tell you how they pulled themselves up by their own bootstraps, but when it gets down to it they’re no better then an Obama cell phone user living in section 8. How narcissistic do you have to be to steal the future from your grandchildren?
  
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- 13th Imam
  Posted on December 26, 2012 at 11:04pm
  Most Older people actually put money into SS for the past 40-50 years. The young have put little into the system. The young are the ones who want the cash NOW. They are becoming the new TAKER class. Just who are the scmucks?
  
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- FLDeb
  Posted on December 27, 2012 at 5:03am
  I have been saying this for years! My generation of baby boomers are a disgrace. “Get your money for nothing…..” Also TOO TOO TOO busy to be bothered with any downer political talk…… You are right we let the politicians get away with all this corruption and now we still do not give a da…… about anyone else, just give ME ME ME my money. I’ll give you your money all right, my solution to the problem is simple – give EVERYONE a check for the EXACT amount you have paid in and not one dime more. We would still need to grandfather in a few that EXPECTED the government to take care of them in their old age, because really I mean really, can you people not add? Do you really believe that with your medical thrown in on top of your monthly check (for how long now?) you – yourself paid in that much money? Now let’s ALL own up to our OWN accounts and not go trying to grab anyone else s. You can claim your dead grandfather’s money or Joe Smo down the street.
  
  Square up each and every account and shut the ponzie scheme down. Stop admitting to be so brain dead that you believed politicians would take care of you (or cared about you) for your entire life.
  
  Report this comment
- FLDeb
  Posted on December 27, 2012 at 5:14am
  Of course I typo ed when I am mad – the last sentence in the 1st paragraph is supposed to say YOU CAN NOT CLAIM YOUR GRANDFATHER’S OR…..
  
  Sorry about that.
  
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Muckdog
Posted on December 26, 2012 at 9:26pm
Socialism works great until you run out of other people’s money – Maggie Thatcher.

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Maxim Crux
Posted on December 26, 2012 at 9:25pm
If they had not stolen the money by putting the funds into the general funds, thus making it appear that there was a surplus under Clinton, then there would be plenty of money there. This is what happens when you trust the government with your retirement. They give the money to the bankers who loan it back to you at a higher interest rate. Win win for them, lose lose for the rest of us.

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- TRILO
  Posted on December 26, 2012 at 9:47pm
  Sorry, it does not matter where they put the $$, the problem is there are fewer workers putting into the system than taking out. That is why the ponzi scheme is folding like a deck of cards.
  
  Just a few of the problems with Social Security: 1) People live longer so they claim more benefits than was ever intended to be paid out to them; 2)The politicians like the elderly voting block which is why they never increase the retirement age; 3) Politicians have also increased the program beneficiaries by adding disability, dependents, etc. and 4) No one has ever put into system what they will draw out. These are just a few of the reasons Social Security is the biggest fraud perpetrated on the American people. The system is broke now, just wait until the height of the baby boomer generation retires. Bernie Madoff is in jail for the same scheme.
  
  On a good note, Social Security is better off financially than Medicare. Oh and we just hit our new debt ceiling of 16.4 TRILLION dollars. 2013 is going to be one hell of a year.
  
  http://www.ssa.gov/history/ratios.html
  
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- TH777
  Posted on December 26, 2012 at 10:14pm
  @Trilo….Sorry, but the biggest problem???? Obama “borrowing” from Social Security!
  
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- subic
  Posted on December 26, 2012 at 11:14pm
  The politicians and the banksters are the thieves stealing everything we pay into. They don’t care, they have their private islands, underground bunkers, gold and millions/billions to get whatever they need before the collapse.
  
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ep8568
Posted on December 26, 2012 at 9:19pm
BLUEHEN…

Time for reflection, if you please
In observance of your raging mental disease
We are sorry that your dad walked out when you were three
But, it’s tough for the husband when his wife turns tricks FOR FREE !
Just go away now….. and let us be !

Blaze Community

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AmericanStrega
Posted on December 26, 2012 at 9:16pm
“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,” CNSNews.com adds.

Okay this really bothers me. I’m on SHORT TERM disability due to an injury that happened at home (I fell down the stairs and busted up my shoulder, had to have rotator cuff surgery. And let me tell anyone here. You DO NOT want to have to deal with that!). Anyway, I get a weekly check from my insurance company (12 weeks is all I can claim). So does me being on Short Term disability lump me into these statistics? I hope not! All I want is to recover and go back to work. My insurance pays 1/4 what my actual wage is and it’s hard living on that! I just want to go back to work. I’m really hoping I’m not seen as someone sucking the Teat of the government. (since I am insured and the checks are coming from the insurance company that I pay a premium to (even “disabled” I still pay a premium weekly). Man, someone please tell me I’m not being a teat sucker!

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- TH777
  Posted on December 26, 2012 at 10:37pm
  @Americanstrega: I don’t believe anyone who has any sense of decency belittles people who are on disability that truly, truly need it! So, if you truly need it then don’t count yourself as a “teat sucker”. There are so many people who abuse the system simply because they are too lazy to work. Those are the people we address when talking about the “takers”. It is so easy to win a case for “disability” if you can afford the right lawyer. I’ve seen it time and time again.
  
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SCREW-WINDOWS
Posted on December 26, 2012 at 9:13pm
If your out to set all records why stop now ?

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Walkabout
Posted on December 26, 2012 at 9:06pm
The deficit was the result of the obama quick fix Social Security tax holiday so the economy would do a little better & he could get re-elected.

The second part of the double whammy was all the people claiming disability because they dropped out of the workforce & the U3 stat. They gave up fining the job in an economy ran by obama & Team D

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cemerius
Posted on December 26, 2012 at 9:05pm
ONLY the US Government and the Soviet Union seem to have the ability to make an abysmal failure look like success!!!! Orwellian 1984 numbers! How’s your ration of chocolate?

Who is John Galt?

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The_Almighty_Creestof
Posted on December 26, 2012 at 9:04pm
They ought to execute all the quacks covering for the bums making false disability claims.

Oh, and…nice photo of the 20-something member of the 99% club digging for gold…probably the hardest he’s ever worked for a “reward.”

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mrunner
Posted on December 26, 2012 at 8:59pm
We are screwed. Take care of your parents, keep your cupboards full and your powder dry. The ObamaZombie Apocalypse is almost here…

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- cemerius
  Posted on December 26, 2012 at 9:06pm
  Yes indeed!!
  
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- Walkabout
  Posted on December 26, 2012 at 9:09pm
  Yes, and when SendtheMeteors gets back from her paid vacation & goes back to work ( I mean trolling) for a liberal 501(c) charity, she’ll call you crazy and tell you “all is well”.
  
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- Bangstick
  Posted on December 26, 2012 at 11:03pm
  And when the zombies start to march, it’s gonna get ugly, OLD and ugly.
  
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mensa517
Posted on December 26, 2012 at 8:57pm
“Maybe if they paid back all the money they took from SS….it would no doubt be sovent for many lifetimes!”

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- cemerius
  Posted on December 26, 2012 at 9:06pm
  A wonderful idea but it will NEVER happen…….Rome is burning and the Nero in office will be most heartened with its fall!
  
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- SCREW-WINDOWS
  Posted on December 26, 2012 at 9:55pm
  Social Security could be solvent by a tip jar at your local merchants but seeing how the Government frivolously spends no one will participate.
  
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