* U.S. disability rolls at record high during recession-SSA
* Weakens U.S. growth prospects, raises deficit
* Only 3 pct of disabled insured workers go back to work
* Share of working-age people on disability rising
* At current pace, program to be insolvent by 2016
By Antonella Ciancio
WASHINGTON, May 6 (Reuters) – Monica
Soltes was excited 10 years ago to leave Merrill Lynch and start her own
business as an independent financial planner in San Diego. After she
fell off a porch at her cousin’s cottage and broke her elbow, her dreams
unraveled.
Following multiple surgeries that
confined her to bed, Soltes was diagnosed with a hormonal disease that
is weakening her bones. She also ran out of money, signed up for
disability benefits and has been unable to work again.
The 47-year-old from Michigan is among
the 8.7 million American workers on the U.S. disability rolls, an
important part of the social safety net. Since the recession began in
2007, she has been joined by a record number of people seeking
disability benefits, raising questions about the program’s solvency and
casting a pall over future prospects for U.S. economic growth.
Applicants soared to a record high of
2.94 million in 2010, and have held above 18 per 1,000 workers in the
past three years – a far higher rate than in previous recessions.
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