WASHINGTON, D.C. – Joint Economic Committee Democrats released a report today that highlights the importance of Social Security to the economic security of millions of Americans, and urges Congress to reinforce its commitment to this vital program by modernizing and strengthening it. According to the report, any proposals to restrict Social Security benefits would place a heavy retirement burden on families who are already financially constrained.

“Social Security in many ways is one of the foundations of the American middle class.” said Senator Martin Heinrich (D-N.M.), Ranking Member of the Joint Economic Committee. “Cuts to Social Security are not a credible solution to pay for the nearly $1.9 trillion that Congressional Republicans have recently added to the deficit in passing their tax legislation. Slashing Social Security would not only have a negative impact on beneficiaries and their families, but have a devastating impact on the economy as a whole. We must ensure that our seniors are able to retire with dignity and that American families are able to have peace of mind when it comes to retirement.”

The report, “Social Security: A Promise to American Workers and Families,” highlights the economic benefits of the program for direct and indirect beneficiaries. Without Social Security, the elderly poverty rate would be over four times as high. By keeping more seniors out of poverty, the program relieves the pressure on families who support an elderly relative. Furthermore, an estimated 5.3 million children live in a household where a family member receives Social Security. Social Security also supports the American economy: reducing benefits by 25 percent across the board would cost about $349 billion in economic output.

The report also outlines how eliminating Social Security would have dire impacts on communities of color, women, and prior low-income earners. Among elderly communities of color, Social Security represents 90 percent or more of income for many—52 percent of Latinos, 45 percent of African Americans, and 41 percent of Asian Americans.

Click here to read the report.

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For more information, please contact Latoya Veal at Latoya_Veal@jec.senate.gov or 202-224-0379.