Quantifying the Economic Impact of Social Security Benefit Spending
Join us to learn about research examining the economic footprint of Social Security. Quantifying the Economic Impact of Social Security Benefit Spending calculates that Social Security benefits play a powerful role in supporting the U.S. economy, generating $2.6 trillion in total economic output and supporting more than 12 million American jobs in 2023 alone.
The report also models what could happen if Social Security benefits were cut due to the program’s projected trust fund shortfall. A hypothetical 19 percent reduction in benefits would shrink the program’s economic impact by more than 16 percent, reducing GDP by hundreds of billions of dollars.
To complement the national analysis, NIRS also developed a series of state fact sheets highlighting the economic impact of Social Security in each state, including the number of jobs supported, total output generated, and tax revenues contributed. These fact sheets illustrate how critical Social Security is to sustaining local economies nationwide.
This research was made possible through generous funding from AARP.
Social Security at 90: A Bipartisan Roadmap for the Program’s Future
The National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce have released a new report detailing American’s views of retirement, Social Security at 90: A Bipartisan Roadmap for the Program’s Future.
Social Security has evolved to become backbone of the U.S. retirement savings system, particularly for middle-class Americans, and often is referred to as one of the nation’s most popular government programs. Nearly all workers participate in Social Security, which means nearly all retirees receive at least some income from Social Security each month. Despite the […]
Social Security’s First 90 Years: A History of Bipartisan and Intergenerational Support
As Social Security approaches its 90th anniversary, a new report from the National Institute on Retirement Security finds that public support remains strong for Social Security, and Americans become more confident in Social Security as they age.
A Vanishing Benefit: Why Social Security’s Special Minimum Benefit is Fading Away
This research provides an overview of the special minimum benefit, an alternative Social Security formula that was initially passed by Congress in 1972 to set a benefit “floor” and protect workers from experiencing severe poverty in retirement. To be eligible, workers must have a record of 11 years or more of covered employment and must […]
