More People On Social Security Disability in North Carolina and Elsewhere: What Does It Mean?
The number of workers who collect social security disability insurance in North Carolina (and elsewhere in the US) has spiked over the past five years, according to recent survey data. In December 2007, for instance, 7.1 million workers collected social security disability insurance (SSDI). In April 2012, that number had spiked to 8.7 million – a rise of nearly 25%. According to professional analysts at Morgan Stanley and JP Morgan Chase, this statistic can explain – in and of itself! – about 25% of the drop in the US labor force participation since the beginning of the “great recession” of 2008.
What’s causing this? What are the ramifications?
When people hear about these statistics, they often chime in with their opinions. And there is no shortage of theories. For instance, an executive at a Washington organization known as the National Academy of Social Insurance, Virginia Reno, suggested that the rotten economy created a series of disincentives for certain people to return to work – particularly people who work “blue collar” jobs and who find themselves stranded in an increasingly service-dominated economy.
On a more practical note, the surge of beneficiaries may have implications for you. The queue is getting longer. More and more people are applying for SSDI. In 1990, for instance, only 8 out of 1,000 people applied for SSDI. Last year, that figure was more than double – 18 out of 1,000 working age Americans sought social disability benefits. The economy is contracting, and more and more people are going on benefits programs or seeking benefits.
Rooting out the whys and wherefores of this trend is a fraught business. We can speculate.
For instance, one of the clearest trends in health data has to do with obesity and diabetes rates. Epidemiologists now agree that we are facing what’s essentially an epidemic of obesity and diabetes (“diabesity,” as some people call it, because the two diseases are so closely linked). So whatever might be driving this epidemic might also be indirectly contributing to the woes and frustrations of social security disability.
For help understanding this program and understanding what you can do to maximize your benefits and minimize your stress, connect today with the Law Offices of Michael A. DeMayo for a free, confidential, and complete consultation.
