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A Novel Way to Look at the Economic Impact of Social Security - The National Institute on Retirement Security (NIRS)
When most folks think about Social Security benefits, they tend to equate these dollars as supporting retirees and their dependents in their “golden years.” While that’s certainly true, Social Security has a much broader impact on the U.S. economy than most people realize. The National Institute on Retirement Security (NIRS) has analyzed this impact extensively, noting that “analysis shows that $1.38 trillion in benefits paid to more than 67 million beneficiaries supported $804.6 billion in labor income, $1.6 trillion in value added (GDP), and $363 billion in tax revenues for federal, state, and local governments.”
In a recent press release, NIRS explores this impact, including the potential economic impact of Social Security cutting benefits due to looming insolvency. Their press release, which you can read in full here. implores Congress to consider the broader impact Social Security wields. “As policymakers debate how to ensure the long-term solvency of Social Security, they should remember that benefit cuts wouldn’t just harm retirees: they would ripple through every community in America,” says NIRS.
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