How Does Social Security Disability Impact The Economy?

Every so often, there is news of a Social Security crisis. The Social Security “trust fund” is running low and there is not enough money to pay benefits—until Congress finds a solution and checks continue uninterrupted.

The conversation often seems political. However, how would people with disabilities be affected if their Social Security disability benefits were lowered or eliminated? How would it impact their communities?

Study Finds Social Security Payments Important to Local Economies

A study conducted by the Southern Rural Development Center has found that cutting Social Security payments would have a significant impact on the economy.
The study found that Social Security payments play an extremely important and significant role in the country’s economy, especially for the economy in rural areas. In 2009, 51 million people in the United States (about 17 percent of the population) received some sort of Social Security payment each month, which totaled approximately $675 million annually. In August 2016, more than 60 million people in the United States received monthly Social Security payments and their total monthly benefits were more than $75 million. The study found that if Social Security benefits were cut even five percent, the nation’s economic output would be $63 billion less and we wouldd have 419,000 fewer jobs. In addition, tax revenue would decrease by $7.8 billion.

Social Security Disability Important to All

Social Security disability is not a handout. It is a benefit that you have earned and that you have the right to collect if you are unable to work because of a permanent disability. The payments could provide you with the monthly income you need to survive—income you need for housing, food and other necessities, and that you put back into your local economy.

Whether you live in a large city, a suburb, or a rural community, we encourage you to fight for the Social Security disability benefits that you deserve. Contact us via this website or request a FREE copy of our book, Social Security Disability: What You Need to Know, to learn more.

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