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Wed Aug 15, 2012, 12:08 AM

The effect of Social Security on the economy.....

There is another thread here in GD that shows how many people are lifted out of poverty by the very popular government Social Security...

I understand that this is an important part of the discussion.

But it falls short on how those recipients effect the overall economy.

Less just assume that about 90% of those who are receiving SS payments spend that money to live on, the other ten percent have other retirement income that allows them to perhaps not spend all their SS payments each month.

I looked this part on the internet and found this on the internet....

The average monthly Social Security benefit for a retired worker was about $1,230 at the beginning of 2012.

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/13/~/average-monthly-social-security-benefit-for-a-retired-worker

There were over 35 million people receiving Social Security retirement benefits. Times that by the average benefit by $14,760, the average SSI yearly benefit, minus out about $1,200 for medicare payments that leaves $13,560.

So if we got rid of Social Security benefits like many on the right would like, we would take $482,730.155,640.00 out of our economy. think about that for minute. Now the yearly amount taken from peoples pay checks would supposedly go to the worker, but if these guys are in charge, I would bet that there would be a shit load of "job providers" who would keep that money by saying the workers wont miss it.....

Just taking half of that money out of the economy would push us into a deep resession....

just something to consider...


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Arrow 8 replies Author Time Post
Reply The effect of Social Security on the economy..... (Original post)
WCGreen Aug 2012 OP
CaliforniaPeggy Aug 2012 #1
sabrina 1 Aug 2012 #2
RobertEarl Aug 2012 #3
SheilaT Aug 2012 #4
WCGreen Aug 2012 #5
SheilaT Aug 2012 #6
SheilaT Aug 2012 #7
WCGreen Aug 2012 #8

Response to WCGreen (Original post)

Wed Aug 15, 2012, 12:22 AM

1. I"m getting Social Security now, and I'm grateful for it.

It means I don't need to worry about having enough money to pay my bills, and to have some disposable income as well.

There are several people in my employ who directly benefit from my SS money. Because of it, I can hire them to work for me...

And that helps them, and so on...

Good thread, Chris...


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Response to WCGreen (Original post)

Wed Aug 15, 2012, 12:29 AM

2. Good post. That's why I keep saying they should increase SS benefits which would

act like a stimulus package to the economy while benefiting those who both earned it and need it the most.

And the more money in the economy the more jobs will be created.

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Response to WCGreen (Original post)

Wed Aug 15, 2012, 12:30 AM

3. Without? = Severe depression

 

This is the real beauty of FDR and SS. If we did not have SS payments circulating through our economy there would be >20 million more destitute folks and we would be in a huge depression and police riots.

And you know the fascists would love that, hence their pushing to get rid of SS,

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Response to WCGreen (Original post)

Wed Aug 15, 2012, 01:38 AM

4. I am old enough that I remember my grandparents,

 

who would have been among the earliest of SS recipients. My grandfather died in 1960, and my grandmother lived to 1972. Even with SS, she lived with one of her daughters, although the very small SS payment would have made a huge difference in her life. It probably kept her from starving in the streets, even though I'm sure one of her five children would have taken her in, had not the one daughter done so.

I am turning 64 this year. Today I got a mailing from my health insurance company (I'm employed by a reasonably large corporation) giving me some basic information about Medicare. What I most appreciate is that it is giving me a full year to learn what I'll need to know to figure out just what to sign up for.

As wonderful as Medicare is, there are some complicated aspects, such as Part D (the prescription benefit) and signing up for supplemental coverage. I'm in excellent health, take no prescription meds at all, and I like to think I'm quite mentally competent. And even with all that going for me, I'm finding that I'm going to need to spend a bunch of time figuring out the whole Medicare thing. I can't begin to imagine what it would be like if we're put on vouchers, and have to go into the "marketplace" to buy our coverage. Talk about a total clusterfuck.

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Response to SheilaT (Reply #4)

Wed Aug 15, 2012, 02:52 AM

5. I'm on medicare and private insurance and it is complicated

not so much for the patient but the medical industry.

I don't know how many times I tell them medicare is my secondary insurance and they still put it as fist in line and then I get outrageous bills....

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Response to WCGreen (Reply #5)

Wed Aug 15, 2012, 03:34 AM

6. Arrggh!

 

I recently worked the registration area of my local hospital, and we actually got a lot of training about Medicare as the secondary payer. I continue to work at that hospital, and expect to for a few more years. That means I have what in this country is quite good health care coverage, and in another year Medicare will be my secondary. So I know what you're talking about.

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Response to WCGreen (Reply #5)

Thu Aug 16, 2012, 01:21 AM

7. That is incompetence and/or crappy training of those who are taking your information.

 

When I was doing outpatient registration at the hospital, they (the supervisors) did their very best to make sure we understood exactly what made Medicare the secondary and to put it as such.

Complain to those in charge in the offices that are doing this to you.

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Response to SheilaT (Reply #7)

Thu Aug 16, 2012, 01:58 AM

8. It usually works itself out after a few visits....

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