Posted on 02/08/2023 6:53:54 AM PST by SeekAndFind
The debt ceiling limit is back in the news. In the past, political leaders have responded to concerns about this issue by suggesting that Social Security checks might not go out on time should Congress not agree on another debt ceiling extension.
This begs the obvious question: Why a program with a $2.8 trillion reserve cannot pay benefits on time?
Pundits have weighed in on the subject, as have the fact checkers who largely agree that checks should not be at risk -- at least in theory. It is time for the Treasury Department to explain why Social Security checks might not be sent, and what steps have been taken to protect seniors who depend on the monthly checks.
In 2021, the last time this question surfaced, Treasury secretary Yellen wrote an op-ed in the Wall Street Journal suggesting that 50 million seniors “could stop receiving benefits for a time.”
Clearly, “could” is a puzzling choice of words considering that Social Security serves as a lifeline for many of America’s senior citizens. Telling these Americans that “their monthly checks are in danger” conveys a cavalier attitude to the needs of the elderly.
If there is any uncertainty about how Social Security would work in a situation where the government’s finances get tight, the question should move to the top of the priority list. “Could” implies that the question is not at the top list.
The history of the question makes me wonder whether it is on the list at all. It has lingered for more than a decade, dating back to 2011, when Barack Obama warned that “checks might not go out” in a CBS News interview.
(Excerpt) Read more at americanthinker.com ...
After more than a decade living with this uncertainty, seniors deserve an immediate answer.
But the welfare checks and food stamps are sure to go out on time.
The person in office who tries this (and probably Yellen too) will get tarred and feathered. And that's before the REAL trouble starts.
Sure, they won’t stop welfare benefits, services for illegals, or the sending of billions and billions of $$$ to ukraine - but they will cut off SS checks first, and then blame republicans.
When the government has a shortage, they want the most vulnerable to suffer.
The money for the Illegal Immigrant population has to come from somewhere.
“We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash.” -Alan Greenspan during remarks on Social Security, Feb 16, 2005
But SS is not a ‘debt’, it’s backed by our money they took from us........................../s
Setting up the big “Blame the GOP”
Time for a bipartisan Social Security investigation as to the current financing and anticipated budgeting. As well as solutions that would be a win win for all involved.
Seniors are the last priority of this failed administration. But zalinskyy doesn’t have to worry his little head about where his next meal is coming from. Uncle Joe will send another 30 or so billion this quarter, and the next quarter, and so on.
Joe has given the people of this country a big middle finger, and I return it to him in like manner.
What we were promised back in 1964! I just noticed a new disclaimer has been added to this web page.
“This is an archival or historical document and may not reflect current policies or procedures.”
https://www.ssa.gov/history/ssa/usa1964-2.html
“Self-Supporting”
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
order of priority... military, social security, veterans services, everyone other than elected representatives and their staffs.
Social Security is a cash-flow system. There are no real funds in Al Gore’s lockbox in the sense of marketable assets. There are only Treasury IOUs.
In other words. SS operates out of general funds, regardless of the interagency accounting fiction of a reserve.
That’s what’s Ponzi about it. New (forced) entrants into the scheme pay older entrants. The money isn’t “held” or “invested.”
Yes
Threatening the seniors is like local officials threatening education.
Do as I say or the old lady gets it!!
Correct!
At the county and city level, the first cuts threatened are to first responders. Fear tactics.
> Yellen hasn’t considered the political ramifications of this. <
I’ll bet she has. If the debt ceiling isn’t raised it will be because of the Republicans in the House. So the GOP will get all of the blame. Biden will go on TV and weep about those heartless Republicans. At least half the country will buy it.
Whenever there’s any talk of spending restraints the liberals immediately trot out their threats of draconian cuts to services. And they always blame Republicans.
Its all a game.
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