Saturday, May 21, 2011

Debt ceiling issue could threaten seniors on social security sooner

“They” talked about the debt ceiling some more today. Aug. 2 is the next “drop dead” date, particularly on CNN Sat PM, particularly Ali Velshi and Will Cain.

Seniors receiving social security now could possibly take hits if there were emergency cuts.  I think means testing could come much sooner if the GOP holds fast on no more taxes – that raises the basic question that the government simply doesn’t take in as much revenue and also brings up “moral” issues.

We spend about four times as much on seniors as on educating children. What’s unclear is how much of that “4x” was paid for by the seniors in their own working lives by FICA, maybe something like two-thirds. 

Without a debt ceiling extension by Aug. 2, some social security and Medicare benefits could be cut immediately, as they aren't funded.

Yet polls show the majority of Americans don't support raising the debt ceiling!

In the meantime Treasury Secretary Geithner is playing with shoring up the federal employees' retirement program to extend Armageddon past May 16.

"Those Republicans" want to "get something" out of this threat. 

1 comment:

Adam said...

Bill:

The U.S. government cannot afford to continue spending taxpayer money the way it has been for far too long. The dwindling resources, coupled with growing national debt, we are mortgaging our great grandchildren's futures, which is sorely irresponsible, and shameful. Raising the debt ceiling would be a move in the wrong direction. We are all going to have to absorb the pain of cuts, including us baby boomers. It's not going be any fun, but we have to.