Social Security recently posted its year-end data, which can be found here. It’s not news that Social Security posted its year-end data, this happens every year, but it is news what that data showed.
As the debate continues and only promises to heat-up as we get closer to a Social Security Disability Insurance (SSDI) trust fund shortfall projected later this year, it’s interesting to note that SSDI is not an out-of-control system that needs to force lazy Americans to get back to work, but a program where there are already more people working as the number of claims filed and awarded are shrinking.
According to the December 2015 numbers there was a total of 162,780 applications filed for Social Security disability. This was the lowest single amount of applications filed in a month in over a year and total applications filed were down by 4.3 percent compared to 2014.
Of the 162,780 applicants for Social Security disability in 2015, a total of less than 61,000 applications were approved for disability benefits. The total number of approved applications in 2015 also declined by 4.3 percent compared to last year.
Of course disability opponents will applaud this news and even say more of a reduction is needed, but we know that already. It turns out that not only are less people applying and being approved, but more people are also having their disability benefits terminated by Social Security. Benefits may be terminated for a variety of reasons including improved health conditions or a change in received income.
The year 2015 saw almost a 3 percent increase in terminations increasing the overall termination rate to 8.6 percent, which is the highest it has been in more than 15 years. To take a closer look at the changes click here.
