We all know that Social Security helps families, but we rarely stop to think how much it helps the larger economy. In fact, it helps tremendously. Social Security fuels almost 1.4 trillion of economic activity nationally — $41.3 billion in our own state of New Jersey, according to a new study by AARP’s Public Policy Institute.
Overall, each dollar in Social Security benefits generates about $2 in spending, as consumers spend the money and businesses then spend it again. In New Jersey, this spending supports 256,000 jobs, a valuable contribution that gets little notice.
AARP’s study provides one more reason we need to have a serious national conversation about the future of Social Security. It shows that decisions made in Washington to address Social Security’s finances would have a profound impact that goes far beyond the families that get benefits. Cutbacks would hurt all of us, because they would hurt the larger economy.
We urge our elected officials to get going with this conversation, and to remember these important new findings. Everyone has a stake in keeping Social Security strong.
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AARP New Jersey