“As we celebrate Social Security’s 78th birthday on August 14th, it’s important to remember the real-life impact America’s most successful program has on millions of Americans each year. Unfortunately, too many in Washington continue to view Social Security benefits as little more than a political bargaining chip in an austerity campaign targeting middle class families to reduce our deficits. The current economic crisis has shown us that future generations will need Social Security every bit as much as, if not more than, today’s retirees.
Only one-half of today’s work force has a retirement plan of any kind. Traditional pension plans have virtually disappeared for the recession generation and the homes many planned to use as a nest egg for retirement have plummeted in value. In spite of all this, Social Security has been a stable and secure source of income for millions who desperately need it. This economic recession has clearly demonstrated the billion dollar anti-Social Security lobby has, once again, gotten it completely backwards. We should be searching for ways to improve Social Security’s benefits not cut them. That’s why a proposal such as the chained CPI, which would cut Social Security now to help pay for failed policies of the past, is simply not an option for current or future retirees.”…Max Richtman, NCPSSM President/CEO
New State Snapshots Show America Can’t Afford to Lose Economic Benefits
Social Security’s economic impact reaches well beyond individual wallets to the ledgers of local businesses and merchants. Families spend $775 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. 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. How much does your state and community stand to lose if Social Security benefits are cut? Check out NCPSSM’s Social Security Snapshots for the answer.