The National Academy of Social Insurance recently examined Census Bureau data and found that social insurance programs have a made a significant dent on the number of people living in poverty in the U.S. More than 45 million people (14.5% of the population) lived in poverty in 2013, but those numbers would be significantly larger if it weren't for programs such as Social Security, unemployment insurance, workers’ compensation and Supplemental Security Income.
These four programs together kept nearly 25.4 million people out of poverty in 2013, including:
- Nearly 1.9 million children
- More than 8.4 million adults younger than 65
- More than 15.1 million adults 65 and older
Social Security alone lifted more than 22.1 million people out of poverty in 2013, including:
- Nearly 1.2 million children
- More than 6.2 million adults younger than 65
- More than 14.7 million adults 65 and older
Read the full analysis.