Letter: Good for the economy
We all know that Social Security provides retirement income for older Americans and protects workers of all ages and their families against the risks of death and disability. We rarely stop to think, though, how much it helps the economy.
While the average annual benefit is only $14,400, the total amount of benefits that Social Security pumps into the New Hampshire economy in a year is over $3.8 billion according to a new study by AARP’s Public Policy Institute.
Each Social Security dollar fits into the recipient’s budget. When the consumer spends the dollar, it will in turn generate about $2 when the business spends it again. The value of goods and services is estimated to be over $6.5 billion. This spending supports 44,000 New Hampshire jobs. On a national level Social Security fuels almost $1.4 trillion of economic activity. The end result is that everyone has a stake in keeping Social Security strong. Anything less would have a negative impact that would go far beyond the families that get benefits.
We urge our elected officials to remember these important new findings in a much-needed, serious national conversation about the future of Social Security.
(The writer is the New Hampshire AARP volunteer spokesman.)