Social Security’s Economic Impact on States
While some in Washington claim America can’t afford programs like Social Security and Medicare, the truth is states simply can’t afford to lose the economic benefits these programs provide to every community in our nation. The National Committee to Preserve Social Security and Medicare has released state-by-state snapshots of how much revenue Social Security contributes to the economy of every Congressional District in each state and US territory.
Families spend $816 billion in Social Security benefits nationwide each year. When 57 million Americans use the purchasing power of those benefits, they are supporting local businesses and state economies with billions of dollars they simply wouldn’t have without Social Security. Unfortunately, this economic reality has been ignored by Washington’s well financed anti-Social Security lobby as it continues to try and convince Congress to cut middle-class benefits.
“You don’t have to be an economist to understand that cutting Social Security benefits, whether through the Chained CPI or other proposals, means less income for families — less money they can spend in their communities and less revenue for businesses coast-to-coast. Targeting families who rely on vital programs like Social Security ignores our real economic problems in favor of a political strategy to cut safety net programs. Members of Congress need to take a look at these state-by-state breakdowns and ask themselves, ‘Can my community afford to lose millions of dollars from our economy? Can my neighbors and families afford to lose the retirement and economic stability Social Security provides?’ Step outside Capitol Hill and the answer is a resounding ‘No.’ ”….Max Richtman, NCPSSM President/CEO