Did you know that in 2013, there were more than 25 million reasons to give thanks for social insurance? According to Census Bureau data released this fall, more than 45 million people in the U.S., or 14.5% of the nation, lived in poverty in 2013. The good news? Three vitally important social insurance programs – Social Security, unemployment insurance (UI), and workers’ compensation – and a related program, Supplemental Security Income (SSI), kept the poverty rate from being much higher. Together, these four programs kept more than 25 million people out of poverty.
Workers’ Compensation alone lifted 87,000 people out of poverty in 2013, including:
16,000 children; and
60,000 non-elderly adults; and
11,000 elderly adults aged 65+
Source: Elisa Walker, National Academy of Social Insurance
Paul J. McAndrew, Jr., Coralville