The Center on Budget and Policy Priorities director of Social Security and disability policy recently issued a report stating Social Security benefits significantly reduce poverty in the United States, particularly among older adults and children.
The June 2 report stated 21.7 million more individuals, including 1 million children, would fall below the poverty line without Social Security. The program plays a vital role in lifting 15.4 million older adults and 1 million children out of poverty.
"Without doubt, Social Security has done more to relieve poverty than any program in American history," Kathleen Romig, CBPP director of Social Security and disability policy, said in a June 2 Twitter post.
Among adults aged 65 and older, Social Security benefits are crucial in preventing poverty, according to the report. These benefits are necessary for 37.7% of older adults to have incomes below the poverty line, compared to only 10.3% with Social Security. For older women and people of color, who often have fewer retirement resources, Social Security provides essential support.
The impact of Social Security extends to children and their families. Around 6.2 million children receive income from Social Security, with 1 million children lifted above the poverty line, the report said. Additionally, Social Security supports children whose parents are retired, disabled or deceased.
Groups vulnerable to poverty, such as women and people of color, benefit significantly from Social Security, according to the report. Women, who tend to earn less and have smaller pensions, are lifted above the poverty line by 8.8 million. Black and Latino workers also benefit due to higher disability rates, lower lifetime earnings and survivor benefits.
Social Security substantially impacts poverty in every state, including Washington, D.C., and Puerto Rico, the report said. In states like California, Florida, and Texas, the program lifts more than 1 million older adults out of poverty.
Efforts are underway to restore the immediate expensing of research and development expenses through bipartisan legislation introduced by Sens. Maggie Hassan, D-N.H., and Todd Young, R-Ind. The bill aims to simplify the tax treatment of R&D expenses and support innovation without unnecessary obstacles, according to a March 17 news release.
