The Impact Of Social Security On Economy
Have you ever needed a helping hand whether it was emotionally, physically, or financially? That is one of the things that Social Security has done for people. It helps people financially by providing them a stream of income they had lost due to retirement, disability, or death. It helps them live a much easier life and provides an feeling of economic security. Social security impacts the economy positively by giving back to businesses and helping the economy grow. Social Security has a great effect on its benefiters. It is one of the largest programs that pays billions of dollars per year to people that are eligible. In 2012, they paid about $774,6 billion to the people. (“S.S’s Impact on the N.E”) It is a social program that benefits a lot of people. It provides them with money that they need. About 1 out 6 Americans-57 million people receive Social Security benefits ("Social Security 's Impact on the National Economy”). This program helps them to survive and stay out of poverty.
Tran 2 The economy is impacted when payments are received (“Social Security’s Impact”). Since people now have money in their pockets, they are able to spend.Many …show more content…
As unemployment becomes a major problem in the economy, having jobs created is very beneficial. More people are able to receive income and give back into the economy. This reduces the amount of homeless and poor people in the nation. $370 billion was produced in salaries, wages and compensation (“Social Security planning”). About 9 million jobs are created or supported by the spending. Many different branches of services are impacted; retail, healthcare, food services, and real estate are mainly helped out ("Social Security 's Impact on the National Economy”). About 820,252 people are employed in the food service which causes an amount of $47,734 million in total output. 4 million jobs are