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In a recent article by MSNBC, disability claims have soared due to the lack of jobs and people being laid off from their jobs. According to the article which highlights a man that had lost his job due to the economy and could not hold his own at work, he is now filing for Social Security due to his ability to not be able to work. The article states that “According to the Social Security Administration, which runs the two main federal disability programs, new claims for disability benefits rose nearly 17 percent nationwide in fiscal year 2009, to 3 million. Disability filings are projected to rise another 10 percent in fiscal 2010, to 3.3 million new claims”. This is a shocking number of people being laid off and becoming dependent on Social Security to help them maintain their living.
The article also states that Jim Allsup, founder and CEO of Allsup Inc, states that “With so many new claims being filed, Allsup is worried that the Social Security system can’t handle them all.”
Learn more about Social Security Claims here.