Cuts to Social Security Considered: What's at Stake in Idaho?

AARP Says "Back Off"- 97% of Idaho's 65+ Find Program Critical to Monthly Budgets & Without it Half Would Live in Poverty

BOISE, Idaho, Aug. 26 /PRNewswire-USNewswire/ -- While Idahoans' retirement savings and 401(k)s suffered brutal blows over the last few years, Social Security played a critical role in providing a secure retirement for many. Now, the vital program is in the crosshairs as some members of Congress consider making cuts to Social Security as part of an effort to balance the federal budget.  AARP has a simple message: back off.  

An AARP survey of Idahoans 65 and older found nearly 100% report Social Security is important to their monthly budgets – with nearly 40% seeing their savings and retirement investments take a hit.  AARP is urging Congress to make Social Security strong for future generations rather than erode the benefit.

The National Commission on Fiscal Responsibility and Reform (known as the deficit reduction commission) created by President Obama, of which Idaho's Senator Mike Crapo is a member, is charged with making recommendations to balance the budget.  One of the recommendations on the table: cuts to Social Security.  

Social Security, which pays for itself through contributions from American workers and their employers, doesn't contribute to the deficit and AARP, which strongly opposes the cuts being considered, says the program shouldn't be used to pay it off.  

In Idaho, 260,000 residents (roughly one in seven) receive Social Security benefits. Without it, nearly half of the state's 65+ would fall below the federal poverty level.  Each month Social Security pumps $270 million into Idaho's economy and over $3 billion each year – providing 90% of the income for nearly a quarter of the state's population.  The program accounts for 50% of family income for over half of Idaho.  

The Social Security trust fund has assets of about $2.5 trillion, and it's still growing. That's enough to cover full benefits for over 27 years.  Without any changes, it can pay 100% of benefits until 2037 and more than 75% of benefits after that.   The program is self-financed and cannot legally spend more than it collects through payroll taxes, the taxation of benefits, and the assets in the Trust Fund.  

AARP is Idaho's largest membership organization with over 180,000 members.

Follow us on Twitter @AARPIdaho and Facebook: AARP Idaho

SOURCE AARP Idaho

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