Debt Ceiling will Mean Missed Social Security Checks

Discussion in 'Economy' started by Toro, Jul 1, 2011.

  1. Toro
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    Toro Gold Member

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    Opinion: Real implications of debt debate - Jerome H. Powell - POLITICO.com

    This means that there will not be enough money on August 3 to pay out SS checks. Checks could be delayed, but many seniors will not get their checks on time, if at all.

    They estimate that in August, there will be enough revenue to pay SS, Medicare and Medicaid, interest and unemployment insurance and defense contractors. There will not be enough to pay soldiers, assuming all those items are met.

    Also, this is for the month of August. Revenues and expenditures are lumpy. Because we can pay SS, Medicare, etc., this month does not mean we will be able to in other months, assuming the debt ceiling is not raised. Eventually, we will not have enough money to pay SS, Medicare and Medicaid and defense entirely.


    EDIT - Oops! Sorry! I see this has already been posted.

    Mods, please merge with this thread!


    http://www.usmessageboard.com/polit...ould-jeopardize-social-security-payments.html

    Thankssokindly!
     
    Last edited: Jul 1, 2011
  2. L.K.Eder
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    L.K.Eder unbannable non-troll

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    failing to raise the debt ceiling?
     
  3. Sarah G
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    Sarah G Find the Joy Supporting Member

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    Of course it does. A lot of people are going to be very upset at the inaction of the congress on this.

    The dicks..
     

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