The effect of Social Security on the economy..... [View all]

[WCGreen]

There is another thread here in GD that shows how many people are lifted out of poverty by the very popular government Social Security...

I understand that this is an important part of the discussion.

But it falls short on how those recipients effect the overall economy.

Less just assume that about 90% of those who are receiving SS payments spend that money to live on, the other ten percent have other retirement income that allows them to perhaps not spend all their SS payments each month.

I looked this part on the internet and found this on the internet....

The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker

There were over 35 million people receiving Social Security retirement benefits. Times that by the average benefit by $14,760, the average SSI yearly benefit, minus out about $1,200 for medicare payments that leaves $13,560.

So if we got rid of Social Security benefits like many on the right would like, we would take $482,730.155,640.00 out of our economy. think about that for minute. Now the yearly amount taken from peoples pay checks would supposedly go to the worker, but if these guys are in charge, I would bet that there would be a shit load of "job providers" who would keep that money by saying the workers wont miss it.....

Just taking half of that money out of the economy would push us into a deep resession....

just something to consider...