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What the numbers say: The number of people receiving Social Security benefits in the U.S. rose consistently from 1980 until 2008. Growth accelerated between 2008 and 2022, with registrations increasing from nearly 51 million to almost 66 million. Relevance: Several major events may have contributed to the spike in Social Security recipients between 2008 and 2022. These include the 2007-2008 financial crisis and the COVID-19 pandemic that began in 2020, both of which increased poverty levels. The U.S. population increased from 309 million in Jan. 2010 to more than 333 million in Jan. 2022, which also contributed to the growth in the number of Social Security recipients. Brands that should care: Walmart and Amazon have both joined public-private partnerships to sell products to low-income customers on the U.S. Supplemental Nutrition Assistance Program (SNAP). Retailers and service providers could seek to join similar federal initiatives for low-income communities. |
