Disability Insurance Causes Pain
Published: New York Times
April 24, 2012
Every year, when the trustees of Social Security and Medicare publish their report on the programs’ finances they set off a round of partisan bickering about the solvency of the twin programs covering pensions and health care for retired Americans.
Every year, a vitally important issue gets lost in the din: disability insurance payments, which account for almost $1 out of every $5 spent by Social Security, are growing out of control.
Disability insurance takes too many workers out of the job market prematurely. It reduces their lifetime income and, to top it off, slows economic growth. Yet in contrast to the heated arguments about Social Security and Medicare, fixing the disability problem inspires hardly any discussion. (more…)