Social Security Data Reveal Signs of Desperate Times

Late last month, the Social Security Administration revealed that "applications for retirement benefits were 23 percent higher than last year, while disability claims have risen by about 20 percent," according to the Associated Press.

Although officials had anticipated that a rise in the number of baby boomers reaching retirement would spur an increase, the jump was more than expected. How come? Because, as the AP concluded, "the recession hit and many older workers suddenly found themselves laid off with no place to turn but Social Security."

In fact, as has been noted here and elsewhere, the downturn has forced many people to make choices that would have been much harder to swallow during earlier good times, including applying for food stamps and visiting food banks.

Naturally, that makes you wonder whether the increase in the number of workers who say they were injured on the job, as the Connecticut Post reports in "Poor Economy Doubles Workers' Comp Claims," stems from the fact that the workplace is more dangerous than it used to be, or from pressure to ease another sort of pain -- in the wallet:

Poor economy forces workers to seek help

HARTFORD -- The recession in Connecticut has resulted in claims for job-related injuries nearly doubling over the last four years, Hearst Connecticut Newspapers have learned.

Initial claims, called first-injury reports by the state Workers' Compensation Commission, totaled 50,841 in the fiscal year that ended June 30. Four years earlier, the total was 26,992 initial claims..

Comments

[CautiousInv...:]

Social Security touches upon demographics and our aging workforce. Harry Dent and another of the main writers focusing on the economic effect of age demographers – Daniel Arnold – say that America’s aging demographics point to a major depression.

"As Arnold writes:

2008 was the victim of a self inflicted sub-prime financial crisis. This has nothing to do with the demographics based massive depression that is yet to come, as described in the book. The sub-prime consequences are however very similar though mild so far compared to what is coming our way. The book clearly spelled out that along the way unpredictable short-term (1 to 3 years) disruptive events could happen. The sub-prime crisis is just that. It should be regarded as the “warmer upper” or “hors d’oeuvre” for the big one that is now rapidly closing in on us all."

Oct 12 05:08 PM