The number of Americans applying for Social Security disability benefits has dropped dramatically, reversing a decadeslong trend that would have forced the program to end earlier than planned.
According to a New York Times report, the trend caused the agency to change its estimate for when it would deplete its funds. Two years ago, the funding was projected to be gone by 2023, but this month the agency suggested they wouldn’t run out until 2032, which is four years later than last year’s estimate.
“It has just kept dropping, by a much greater extent than we anticipated,” said Stephen Goss, the agency’s chief actuary. “We’re still not done — we should have a little bit more good news in 2018.”
The report pointed to strong economic growth as one of the reasons for the change. It also noted the recent heightening of eligibility standards and how much of the baby boomer generation is now eligible for Social Security retirement benefits and Medicare.
About 1.5 million Americans applied for disability benefits last year, which is the lowest number since 2002. Government officials say that number may be even lower this year. The total number of workers who received benefits in May was 8.63 million, dropping from a record height of 8.96 million in September 2014.
In the past 25 years, the disability rolls doubled, causing conservative legislators to label the program as wasteful and fraudulent.
