Jared Bernstein runs downs Facts and Fixes about the New Deal program that allows many Americans to retire with some diginity

Facts:

Average benefits are […] around $1.2K/month or $14K/yr.

[…]

For more than half (55 percent) of elderly beneficiaries, Social Security provides the majority of their cash income. For one-quarter (26 percent), it provides nearly all (more than 90 percent) of their income.

Dependence on Social Security increases with age…among those aged 80 or older, Social Security provides the majority of family income for 64 percent of beneficiaries and nearly all of the income for 33 percent of beneficiaries.

Absent their Soc Sec income, the poverty rate among elderly would be 45%–including Soc Sec benefits, it’s 10%.[…]

When you hear folks talking about how entitlement spending is unsustainable, make sure they’re not including Soc Sec.[…]

Can’t afford it?? Long term shortfall—75 years—amounts to 0.8% of GDP—that’s the revenue from the expiration of the highend Bush tax cuts! […] […]

But isn’t…Soc Sec going broke? Terrible misinformation campaign. Full benefits can be paid through 2036, at which point trust fund is exhausted…but of course, payments still coming into system…at that point, Soc Sec can pay 75% of scheduled benefits. Most people think that number is zero!!

Go Read the rest.