SS benefits could be the first to go in a matter of days if the US defaults

Guno צְבִי

Guno צְבִי

We fight, We win, Am Yisrael Chai
The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then.
Social Security, Medicaid, and SNAP could be among the first programs to go unpaid.
That means retirees who rely on those programs could be the first to experience the consequences.

Moody's Analytics, for example, has previously estimated that even a short default could cause Americans to lose millions of jobs, and a Joint Economic Committee analysis found that a failure to raise the debt ceiling could cause mortgage and private student-loan payments to surge, along with costing workers $20,000 in retirement savings.


Missed payments from those programs could quickly lead to hardship for retirees. "The maximum from SSI that you can get is $914 a month. It will be really hard to get through a month with that much money, and then those who are able to get Social Security as well get a few hundred more dollars on average. It's really hard to stretch that money through a month. So at the end of the month, people are already often struggling to get by," Kathleen Romig, the Center on Budget and Policy Priority's director of Social Security and disability policy, told Insider.


https://www.msn.com/en-us/money/ret...J?cvid=bc31f5d88a004dbb9d979cc4529f1b43&ei=32
 
guno said:
The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then.
Social Security, Medicaid, and SNAP could be among the first programs to go unpaid.
That means retirees who rely on those programs could be the first to experience the consequences.

Moody's Analytics, for example, has previously estimated that even a short default could cause Americans to lose millions of jobs, and a Joint Economic Committee analysis found that a failure to raise the debt ceiling could cause mortgage and private student-loan payments to surge, along with costing workers $20,000 in retirement savings.


Missed payments from those programs could quickly lead to hardship for retirees. "The maximum from SSI that you can get is $914 a month. It will be really hard to get through a month with that much money, and then those who are able to get Social Security as well get a few hundred more dollars on average. It's really hard to stretch that money through a month. So at the end of the month, people are already often struggling to get by," Kathleen Romig, the Center on Budget and Policy Priority's director of Social Security and disability policy, told Insider.


https://www.msn.com/en-us/money/ret...J?cvid=bc31f5d88a004dbb9d979cc4529f1b43&ei=32
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Only if Biden allows it. It has been extended to June 5 now
 
ptif219 said:
Only if Biden allows it. It has been extended to June 5 now
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It's the Republican Congress holding paying the debt hostage, not Sleepy Joe.

If the US defaults on its debt, who will American voters blame the most?
7ndlwx.jpg
 
guno said:
Not extended, June 5th has been calculated as when money runs out , the maga caucus is holding it hostage


Greene says ‘no one is concerned’ about debt default in Republican conference


"Regular Americans living their lives, day in and day out, don’t worry about the government shutting down.”

https://thehill.com/homenews/401916...-about-debt-default-in-republican-conference/
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Agreed. As various government agencies run out of money, they'll shut down. Social Security is one of the first since Congress keeps shorting it.
 
Social Security benefits could be the first to go in a matter of days if the US defaults — and retirees will 'really suffer' if Congress doesn't raise the debt ceiling by then


And while a default is unprecedented, meaning it's impossible to predict exactly what could happen, the think-tank Bipartisan Policy Center released an analysis illustrating which federal programs could be the first to go unpaid in the event of a default, based on daily Treasury statements. At the top of the list are Social Security, Medicare, Medicaid, and SNAP, along with Supplemental Security Income (SSI) payments — all programs that retirees heavily rely upon.

https://www.businessinsider.com/what-will-happen-to-social-security-in-default-debt-ceiling-2023-5
 
Doc Dutch said:
Agreed. As various government agencies run out of money, they'll shut down. Social Security is one of the first since Congress keeps shorting it.
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Congress does not short Social Security. SS benefits are paid by revenues from SS taxes and the shortfall is covered by redeeming some of the $2.7 trillion in government securities in the SS surplus. Congress does not add or take away from this amount.
 
Flash said:
Congress does not short Social Security. SS benefits are paid by revenues from SS taxes and the shortfall is covered by redeeming some of the $2.7 trillion in government securities in the SS surplus. Congress does not add or take away from this amount.
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My understanding is that Congress has used SS for a slush fund for years instead of investing the money.
 
guno said:
The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then.
Social Security, Medicaid, and SNAP could be among the first programs to go unpaid.
That means retirees who rely on those programs could be the first to experience the consequences.

Moody's Analytics, for example, has previously estimated that even a short default could cause Americans to lose millions of jobs, and a Joint Economic Committee analysis found that a failure to raise the debt ceiling could cause mortgage and private student-loan payments to surge, along with costing workers $20,000 in retirement savings.


Missed payments from those programs could quickly lead to hardship for retirees. "The maximum from SSI that you can get is $914 a month. It will be really hard to get through a month with that much money, and then those who are able to get Social Security as well get a few hundred more dollars on average. It's really hard to stretch that money through a month. So at the end of the month, people are already often struggling to get by," Kathleen Romig, the Center on Budget and Policy Priority's director of Social Security and disability policy, told Insider.


https://www.msn.com/en-us/money/ret...J?cvid=bc31f5d88a004dbb9d979cc4529f1b43&ei=32
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Proving that the social security trust fund has been raided by politicians to pay for shit they shouldn't be using it to pay for.
 
Doc Dutch said:
It's the Republican Congress holding paying the debt hostage, not Sleepy Joe.

If the US defaults on its debt, who will American voters blame the most?
7ndlwx.jpg
Click to expand...

Wrong. The Republicans passed a bill to raise the ceiling. The Democrats don't like that bill so asshole Shumer in the Senate won't even let it come to the floor for debate saying it was "Dead on arrival," while Biden has said for all intents he won't negotiate with the Republicans. The Democrats have not proposed, or put forward any concrete bill on the debt ceiling.
 
T. A. Gardner said:
Wrong. The Republicans passed a bill to raise the ceiling. The Democrats don't like that bill so asshole Shumer in the Senate won't even let it come to the floor for debate saying it was "Dead on arrival," while Biden has said for all intents he won't negotiate with the Republicans. The Democrats have not proposed, or put forward any concrete bill on the debt ceiling.
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I’m content to let the American people decide when MTG and/or Boebart blow this thing into default.
 
Doc Dutch said:
I’m content to let the American people decide when MTG and/or Boebart blow this thing into default.
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You missed my point. If social security was a trust fund like it was originally designed to be, the money would be off limits to politicians to spend on shit. But it isn't, at least not since LBJ was in office. Now it's just a pay-as-you-go government retirement / welfare fund that hasn't got a fucking nickel to its name. It is possibly, probably, one of the worst run retirement plans in the US.
 
guno said:
The US could default on its debt as soon as June 5 if the debt ceiling isn't raised by then.
Social Security, Medicaid, and SNAP could be among the first programs to go unpaid.
That means retirees who rely on those programs could be the first to experience the consequences.

Moody's Analytics, for example, has previously estimated that even a short default could cause Americans to lose millions of jobs, and a Joint Economic Committee analysis found that a failure to raise the debt ceiling could cause mortgage and private student-loan payments to surge, along with costing workers $20,000 in retirement savings.


Missed payments from those programs could quickly lead to hardship for retirees. "The maximum from SSI that you can get is $914 a month. It will be really hard to get through a month with that much money, and then those who are able to get Social Security as well get a few hundred more dollars on average. It's really hard to stretch that money through a month. So at the end of the month, people are already often struggling to get by," Kathleen Romig, the Center on Budget and Policy Priority's director of Social Security and disability policy, told Insider.


https://www.msn.com/en-us/money/ret...J?cvid=bc31f5d88a004dbb9d979cc4529f1b43&ei=32
Click to expand...

Are you fucking serious? You think Social Security will be one of the first to go?
 
T. A. Gardner said:
Well, you have to remember, for guano that's all that he / she / it / ze has and the rent on the single wide in the trailer park is due in a few days...
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You forgot /tree. That's a thing...from what I've read.

And yeah, he has to hustle to make that $40 a day for shitposting.
 
The benefit of them getting rid of the Constitution and doing what ever they want should be that we dont have to worry about these sorts of things.
 
this threat gets used all the time to terrify the older people. I would call it economic terrorism, but you plebes don't fucking care if the government threatens the people
 
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