En español | Social Security is a critical federal program that promotes income stability among households in the United States. It does so by providing a steady stream of income to replace lost wages due to retirement, disability, or death. The role that Social Security benefits play in the economic security of the 57 million people who received it in 2012 is well known, but its importance to the broader economy has received little attention.
As this research report shows, Social Security benefits play a key role in the economy, supporting over 9 million jobs across the country and more than a trillion dollars of economic output. Social Security has a much greater impact on the economy than just the amount of its benefit payments because when Social Security beneficiaries spend their monthly benefit checks, the effects ripple through the economy. These benefits in turn help every State where benefits are spent.
This research report quantifies the impact Social Security benefits have on the U.S. economy and the economies of every state.