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Social Security News

AARP Study Says $762 Billion Paid by Social Security in 2012 Supported Nine Million Jobs

Organization uses report to also highlight its opposition to chained CPI to determine COLA for Social Security

Oct. 7, 2013 – AARP, one the organizations representing older Americans that has been a staunch defender of Social Security and opponent of the chained CPI for determining the COLA, released a study last week reporting that each dollar paid to Social Security beneficiaries generates nearly two dollars in spending by individuals and businesses, adding about $1.4 trillion in total economic output to the U.S. economy in 2012.

The report also finds the $762 billion paid in Social Security benefits in 2012 helped Americans keep or find more than nine million jobs.

Social Security’s Impact on the National Economy details the powerful multiplier effect created when Social Security recipients spend their benefits and the companies which receive those dollars spend their profits and pay their employees, who in turn spend their wages. The report provides both national and state-level data, according to AARP.

 

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Congressional Progressive Caucus Rallies to Divert Budget Axe from Social Security, Medicare

Growing speculation that GOP seeking way to end government shutdown and swing budget axe at entitlements

Oct. 7, 2013

Republicans Seem Ready to Shift Fight to Cutting Senior Entitlements

Speaker Boehner says on ABC that the fight in Washington is really about the growth in the senior citizen population… the important goal is reducing entitlement spending; may push for cuts that President Obama earlier suggested

By Tucker Sutherland, editor, SeniorJournal.com

Oct. 6, 2013 – There are many who now say the real target of the Republicans in the current battle in Washington is not really Obamacare, it is entitlements, or, more specifically, Social Security and Medicare.


Read more Social Security News

also check Medicare and Senior Politics

 

AARP volunteers and staff are visiting Capitol Hill offices to deliver the report to their Members of Congress and voice their concerns about the chained CPI, a change proposed in budget negotiations that would cut Social Security benefits.

“This report tells us that any adjustments Washington makes to Social Security will have a profound effect on individuals of all ages, businesses and our economy as a whole,” said AARP Executive Vice President Nancy LeaMond.

“That’s why AARP is fighting the chained CPI and calling for a national conversation about the future of Social Security – so those who paid into the system can have a voice in the debate and so future generations get the benefits they’ve earned.”

The study by AARP’s Public Policy Institute says Social Security benefit payments in 2012 supported more than $370 billion in salaries, wages and compensation for workers.

Of the more than nine million jobs supported by Social Security spending, about four million were in just ten industries. Nationally, the largest employment impacts were seen in the food services, real estate, health care and retail industries.

The AARP news release added, “In addition to illustrating Social Security’s vital role in supporting national and local economies, jobs and workers’ incomes, this report reiterates the importance of Social Security as a vital source of income for millions of Americans. Social Security benefits keep 22 million people out of poverty, including more than 15 million older Americans, and serve as the foundation of a secure retirement for millions more.”

Social Security’s Impact on the National Economy uses an economic modeling system known as IMPLAN to calculate the multiplier effect and trace the impact of Social Security spending through the national and state economies. View the full report and details on methodology.

Additional resources are available at www.aarp.org/socialsecurity and www.earnedasay.org.

Financial Relief for Volkswagen Diesel Owners

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In the major scandal of 2015, Volkswagen cheated you and the world. They rigged diesel emission controls so you, nor regulators, would know how much pollution their cars were adding to our environment.

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