More people going on federal benefit rolls in the last several years, in Michigan and nationwide, is taking its toll at the federal trust fund for workers who left the labor force due to a long-term disability claim.
A new report last week by the board of trustees for the trust embroiled in the debate — the Old-Age, Survivors Insurance and Disability Insurance Trust Funds — indicates the fund that pays benefits to former workers with qualifying disabilities had just $60.2 billion in reserve assets at the end of 2014. That's down from $90.4 billion at the end of 2013.
The trust, established in 1957, has been losing money since 2008, when a slightly better than break-even year had put its reserve assets to an all-time high of $215.8 billion.
At the current rate of cash burn, Social Security expects the trust to be depleted before the end of 2016...
Disability Insurance Trust Fund (performance history, in millions of dollars)
Calendar year | Total receipts | Total expenses | Net change | Year-end assets |
---|---|---|---|---|
2003 | 88,074 | 73,108 | 14,966 | 175,434 |
2004 | 91,380 | 80,597 | 10,783 | 186,217 |
2005 | 97,423 | 88,018 | 9,405 | 195,623 |
2006 | 102,641 | 94,456 | 8,185 | 203,808 |
2007 | 109,854 | 98,778 | 11,076 | 214,884 |
2008 | 109,840 | 108,951 | 889 | 215,773 |
2009 | 109,283 | 121,506 | -12,223 | 203,550 |
2010 | 104,017 | 127,660 | -23,643 | 179,907 |
2011 | 106,276 | 132,332 | -26,056 | 153,850 |
2012 | 109,115 | 140,299 | -31,184 | 122,666 |
2013 | 111,228 | 143,450 | -32,221 | 90,445 |
2014 | 114,858 | 145,060 | -30,201 | 60,244 |
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