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Social Security Adds Billions to the Bottom Line

"Social Security's Impact on the 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.
"Social Security's Impact on the 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.
October 4, 2013

SIOUX FALLS, S.D. - As the deadlock continues in Washington over the budget and the debt ceiling, backers of Social Security and Medicare want federal representatives to know the importance of the retirement programs, and not tie them to any debt resolution. According to Erik Nelson with AARP-South Dakota, they are contacting all three members of the state's congressional delegation.

"We are delivering nearly 3,000 signatures on our petitions, asking Congress to be cautious when they address the future of Social Security and Medicare," he said. "We want responsible solutions, not harmful cuts to these programs."

"Social Security's Impact on the 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.

Nelson stated that Social Security has a big economic effect in South Dakota.

"In South Dakota alone, every one dollar put in of Social Security spending generates a dollar and seventy eight cents of total output to the state's economy."

Social Security also supports more than 24,000 jobs in the state. Nelson said that while there needs to be discussion about the future of the two programs, that should wait until Congress can get past the budget and debt-ceiling battles.

"Let's clear the table and get this government shutdown behind us, the debt ceiling behind us, and not include Social Security as a bargaining chip in any of these, and start fresh and let Americans, let seniors and others, chime in on what the future of Social Security should be and how it should be addressed," Nelson urged.

Nationally, Social Security benefit payments in 2012 supported more than $370 billion in salaries, wages and compensation for workers.

Jerry Oster, Public News Service - SD