A new report from Democrats on the Joint Economic Committee about Social Security showed just how important Social Security benefits are and how devastating it would be if Social Security was scrapped all together, as some people would like.
In a story from CNBC, Democrats voiced concern that Republicans are using the recent tax breaks, which ballooned the deficit, to focus on reducing entitlement funding, in other words, Social Security and Medicare.
“Cuts to Social Security are not a credible solution to pay for the $1.9 trillion that congressional Republicans have recently added to the deficit in passing their tax legislation,” said Sen. Martin Heinrich, D-New Mexico. “We must ensure that our seniors are able to retire with dignity.”
If we imagine an America without Social Security, “the modern middle class would not be what it is today,” the report stated. Below are some things that would happen if there were no Social Security benefits.
- The poverty rate for the elderly would be four times as high without Social Security and 15 million more seniors would be left struggling to survive;
- About 33 percent of Americans rely on Social Security for more than 90 percent of their income. This includes 52 percent of Latinos and 45 percent of African Americans. Women typically earn less than men, but live longer, and it would impact their ability to maintain a standard of living;
- About 5 million children live in a household in which someone relies on Social Security. If these benefits were not available, these children would be living in poverty.
Trying to picture America without Social Security is not easy to do. The program helps the elderly, disabled, children and survivors maintain a certain standard of living which would be impossible if the program didn’t exist.
