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Why Disability Figures are Good for Job Market?

In 2012, the number of applicants and approved applicants for disability benefits hit a multiyear low which could be an indicator of an improving labor market. Last year about 2.8 million people had applied for Social Security Disability Insurance which is the lowest number since 2009. 980,000 of those 2.8 million were approved which has also been the lowest since 2008. These numbers were usually high due to the average age of applicants half way through the Baby Boom generation.

 

There has been a significant parallel between high unemployment and rising applications for disability, stated by NOSSCR. The White House reported that as soon as poor Americans reached the termination of their unemployment benefits, they would apply for disability benefits. The drop in applications could be a positive notion the labor market is improving as well as indication that unemployed workers are heading back to the labor force due to the improved hiring conditions. Less discouraged workers are using disability benefits as their first resort. Federally backed emergency unemployment programs were giving 2 million Americans benefits at the end of 2012, which has decreased since 3.5 million from the start of the year.

 

The SSDI program has been strained since the hit of the recession and with improvement in the markets so it could be great news for the program. The Social Security and Medicare Boards of Trustees predicted last year the disability trust fund could be depleted as soon as 2016, which is two years earlier than was projected. Even though the number of new applicants and approvals are lower, the number of recipients is still growing. Usually when someone receives disability benefits, they continue to receive for the rest of their life.

 

If you or a loved one needs any help with a Social Security Disability Benefits Case, contact the experienced attorney Rick Krause to discuss the case. Call 1.866.789.1664 or 972.789.1664, or email at contact@dallasarealaw.com to schedule a FREE CONSULTATION.

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