MRK
03-27-2013, 12:41 PM
I've recently become a regular viewer of drinkingwithbob.com. I was watching this video when I realized I needed to see some numbers in print:
http://www.youtube.com/watch?v=EL0yQy-nvUI&feature=player_embedded
I googled the topic and found this article among others:
http://www.whptv.com/news/local/story/Federal-disability-payments-costing-taxpayers-260/11JlZZ4_JE2fbwpW5cznBA.cspx
The number of people receiving federal disability payments has exploded, and it's costing U.S taxpayers about $260 billion a year.
Right now, according to NPR, around 14 million Americans get disability payments each month. In the last four years, about 250,000 new applications were submitted each month. At the same time, the nation has averaged about 150, 000 new jobs per month.
Economist Daraius Irani, of Towson University says the number of people approved for the benefit has mostly remained the same, it's just that larger numbers are applying for it. "We will likely see this number go up continously. The decision will have to be, is this something we can afford as a nation or is there a private solution to this."
Most people end up on disability because of back related problems. The average recipient receives about $1,000 a month.
The figures here reveal something more shocking than the total cost of the program in itself. These figures mean that the cost to administer this program is 50% more than what people are actually receiving in payouts!
The cost of this program per recipient using these ballpark numbers is: $260 billion cost per year / 14 million recipients / 12 monthly payments = $1,547 per individual per month.
Yet the article states that the average recipient receives $1,000 per month.
Where do you think the other $547 per individual per month goes?
There's a giant hole somewhere where the disability bureaucracy is taking an additional 54 cents for itself for every dollar distributed for disability payments.
http://www.youtube.com/watch?v=EL0yQy-nvUI&feature=player_embedded
I googled the topic and found this article among others:
http://www.whptv.com/news/local/story/Federal-disability-payments-costing-taxpayers-260/11JlZZ4_JE2fbwpW5cznBA.cspx
The number of people receiving federal disability payments has exploded, and it's costing U.S taxpayers about $260 billion a year.
Right now, according to NPR, around 14 million Americans get disability payments each month. In the last four years, about 250,000 new applications were submitted each month. At the same time, the nation has averaged about 150, 000 new jobs per month.
Economist Daraius Irani, of Towson University says the number of people approved for the benefit has mostly remained the same, it's just that larger numbers are applying for it. "We will likely see this number go up continously. The decision will have to be, is this something we can afford as a nation or is there a private solution to this."
Most people end up on disability because of back related problems. The average recipient receives about $1,000 a month.
The figures here reveal something more shocking than the total cost of the program in itself. These figures mean that the cost to administer this program is 50% more than what people are actually receiving in payouts!
The cost of this program per recipient using these ballpark numbers is: $260 billion cost per year / 14 million recipients / 12 monthly payments = $1,547 per individual per month.
Yet the article states that the average recipient receives $1,000 per month.
Where do you think the other $547 per individual per month goes?
There's a giant hole somewhere where the disability bureaucracy is taking an additional 54 cents for itself for every dollar distributed for disability payments.