(CNSNews.com) - In the fourteen fiscal years that preceded President Barack Obama’s inauguration in 2009, the tax receipts coming into the federal government’s Disability Insurance Trust Fund exceeded the benefits paid out, and the trust fund ran a surplus.
In each of the five fiscal years Obama has served as president, the trust fund has run a deficit as the number of people receiving disability benefits has surged. The Disability Insurance Trust Fund has never before run five straight years of deficits.
In fiscal 2013, which ended on Sept. 30, the Disability Insurance Trust Fund ran a record deficit of $31.494 billion, according to newly released data from the Social Security Administration. That followed deficits of $8.462 billion in fiscal 2009, $20,831 billion in fiscal 2010, $25.264 billion in fiscal 2011, and $29.701 billion in fiscal 2012.
From fiscal 1995 through fiscal 2008, the Disability Insurance Trust Fund ran surpluses, as receipts from the disability insurance taxes paid by people who were working exceeded the value of the benefits paid to those claiming disability.
Congress created the federal disability insurance program by adding an amendment to the Social Security Act in 1956. The government paid the first disability benefits in fiscal 1957.
Via: CNS NewsContinue Reading.....
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