A report prepared by the Center for Rural Strategies took a look at how changes in social security payments would affect the economies of rural counties small cities and Metro areas across the nation, and the study says, If Nevada County residents didn’t receive their monthly payments from the Social Security Administration, 7.3 percent of total personal income in the county would be lost. Nevada County is more dependent on Social Security payments than is the rest of the country. Nationally 5.5 percent of total personal income in 2009 came from Social Security payments in California it was just 4 percent, while Nevada County is at 7.3 percent. Research Associate, Roberto Gallardo says in many rural places, Social Security is a very critical element of the local economic base.
“For example, if you hit a rural area and you suddenly decrease 15% of the payments, it’s going to have a larger impact than doing it in a metro area where you have a more diverse economy.”
The study found that social security income can be the difference between success and failure for some local businesses that rely on a 10 percent margin that keeps them going.
In Nevada County, 23,660 people receive some form of Social Security payment, an old age pension, a survivor benefit or a disability check. Social Security beneficiaries represent 24.2 percent of the total county population.