Social Security Checks ARE guaranteed! (Iraq, Reagan, weapons, military)
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The folks who insist that Social Security is solvent will tell you we only have to dip into the "Trust Fund" to make monthly SS benefit payments.
Was Obama lying when he said SS checks are NOT guaranteed? "Because there isn't enough cash in the coffers."
Or, was he telling the truth and the "Trust Fund" is empty?
The truth is that there will be more then enough money to pay SS and Medicare recipients, the only way they would not be paid would be if 0bama ordered Geithner not to pay them.
The BPC study found that the United States is likely to hit the debt limit sometime between August 2 and August 9.
“It’s a 44 percent overnight cut in federal spending” if Congress hits the debt limit, [BPC's Jay] Powell said. The BPC study projects there will be $172 billion in federal revenues in August and $307 billion in authorized expenditures.
That means there’s enough money to pay for, say, interest on the debt ($29 billion), Social Security ($49.2 billion), Medicare and Medicaid ($50 billion), active duty troop pay ($2.9 billion), veterans affairs programs ($2.9 billion). That leaves you with about $39 billion to fund (or not fund) the following:
Defense vendors ($31.7 billion)
IRS refunds ($3.9 billion)
Food stamps and welfare ($9.3 billion)
Unemployment insurance benefits ($12.8 billion)
Department of Education ($20.2 billion)
Housing and Urban Development ($6.7 billion)
Other spending, such as Departments of Justice, Labor, Commerce, EPA, HHS ($73.6 billion)
The decision to prioritize payments would fall on the Treasury department, and Powell points out it would be chaotic picking and choosing who gets paid (in full or partially) and who doesn’t…
You people should stop looking at social security in isolation and look at it as one item within the portfolio of assets that are at least to some extent cash flow-dependent on federal borrowing. If we reach the debt ceiling and our cash outflow needs exceed our cash inflow (which they quickly will, since there will be no additional near-term borrowing), then SOMEONE involved in transactions with that aforementioned portfolio of assets WILL NOT get paid. Who do you want it to be? Even if it isn't social security, it will be something else. They are all bad choices.
You people should stop looking at social security in isolation and look at it as one item within the portfolio of assets that are at least to some extent cash flow-dependent on federal borrowing. If we reach the debt ceiling and our cash outflow needs exceed our cash inflow (which they quickly will, since there will be no additional near-term borrowing), then SOMEONE involved in transactions with that aforementioned portfolio of assets WILL NOT get paid. Who do you want it to be? Even if it isn't social security, it will be something else. They are all bad choices.
I'd vote to stop foreign aid first. Those ME countries don't need money to buy guns and bombs more than our retired folks need their SS checks.
Stop bombing Libya, Yemen and Somalia as those haven't even been approved by Congress and are unfunded and costing money per day.
Well just wqtch if the governasmnt does not deliver on that promise ans see what the reaction is on SS as a program.We alredy see people hunkered downand increasingf savings ;eliminating debt as they look at the future. That is called no confidence and boy is it going to take a hit if the pormise is not kept.Just Obamas remark as lower confidence which is why its so dumb to do it in the first place. Poeple would think twice if its was Biden as usual.
I'd vote to stop foreign aid first. Those ME countries don't need money to buy guns and bombs more than our retired folks need their SS checks.
Stop bombing Libya, Yemen and Somalia as those haven't even been approved by Congress and are unfunded and costing money per day.
Fair enough, but we need to develop a credible plan before that debt ceiling deadline to show to the markets and our bondholders - or they will conservatively assume a worse scenario. That means the markets will likely get severely spooked and interest rates on our bonds will jump. The ratings agencies are already threatening to downgrade our rating, which will be an automatic rate jump.
The best thing would be to raise that debt ceiling AND display a substantive plan of deep cuts and perhaps tax increases over the next decade. You just can't make sufficient cuts in ten days to stay below that debt ceiling.
Fair enough, but we need to develop a credible plan before that debt ceiling deadline to show to the markets and our bondholders - or they will conservatively assume a worse scenario. That means the markets will likely get severely spooked and interest rates on our bonds will jump. The ratings agencies are already threatening to downgrade our rating, which will be an automatic rate jump.
The best thing would be to raise that debt ceiling AND display a substantive plan of deep cuts and perhaps tax increases over the next decade. You just can't make sufficient cuts in ten days to stay below that debt ceiling.
If they haven't been able to do it by now, 17 days won't help them.
And suddenly, right wingers are suggesting SS has absolutely no problem. Not too long ago, it was an economic debacle, running in red.
You know damn well SS has issues in the future and it needs to be dealt with. Don't play dumb Einstein. We can easily afford SS short term and you know it, Obama knows it.
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Oklahoma Rep. Calls Obama's SS threat "sick & twisted"!
