Social Security and New Hampshire’s Economy

We all know Social Security helps families, but we rarely stop to think how much it helps the larger economy.  In fact, Social Security fuels almost $1.4 trillion of economic activity nationally – and almost $6.6 billion right here in New Hampshire – according to a new study by AARP’s Public Policy Institute.

Overall, each dollar in Social Security benefits generates about $2 in spending, as consumers spend the money and businesses then spend it again.  In New Hampshire, this spending supports 44,000 jobs, a valuable contribution that gets little notice. 

AARP’s study provides one more reason we need to have a serious national conversation about the future of Social Security.  It shows that decisions made in Washington to address Social Security’s finances would have a profound impact that goes far beyond the families that get benefits.  Cutbacks would hurt all of us, because they would hurt the larger economy. 

We urge elected officials to remember these important new findings.  Everyone has a stake in keeping Social Security strong.