By the end of August, according to data released Thursday by the U.S. Treasury, the federal government had already paid out record annual amounts in both Social Security and disability benefits during fiscal 2012—even though there was still a month left in the year.
In fiscal 2011--which ended on Sept. 30, 2011—the federal government paid a total of $591.492 billion in benefits from the Old Age and Survivors Insurance Trust Fund, according to the Monthly Treasury Statement (MTS) for September 2011.
Through just the end of August of this year, according to the MTS, the federal government had paid $594.643 in benefits from the Old Age and Survivors Insurance Trust Fund.
That means the government had paid $3.151 billion more in Social Security benefits in just the first eleven months of this fiscal year than it paid in all of fiscal 2011.
The $591.492 billion in Social Security benefits the government paid out last year was, up until then, the most the most the government had ever been paid in Social Security benefits in any fiscal year since the Social Security program started paying benefits in 1940.
In fiscal 2010, for example, the government paid a total of $572.531 billion in Social Security benefits, according to the MTS. In fiscal 2009, it paid 544.601 billion; in fiscal 2008, $502.993 billion; and in fiscal 2007, $479.747 billion. Read more......