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
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.
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
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.
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.
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