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I was watching the NBC evening news and Brian Williams mentioned if the Debt ceiling is not raised, then several programs will be cut. One of them is the Unemployment Checks we receive every week. In this Yahoo article:
" The unemployed. Washington currently offers extended unemployment benefits to nearly four million people who have exhausted state-level benefits, which last for 26 weeks in most states. Those checks could stop coming, too. One reason unemployment benefits are important is that recipients spend virtually all of the money, providing an immediate boost to the economy. A tighter crunch on the unemployed could also lead to more foreclosures and defaults on other types of consumer debt, since something will have to give if those checks stop arriving."
Does anyone know if this is true? Getting kind of scared seeing that I don't have a job and rely on the weekly checks. I would not be happy if Aug comes and I don't receive any checks! Can anyone help me with those fears? Thanks!
I was watching the NBC evening news and Brian Williams mentioned if the Debt ceiling is not raised, then several programs will be cut. One of them is the Unemployment Checks we receive every week. In this Yahoo article:
" The unemployed. Washington currently offers extended unemployment benefits to nearly four million people who have exhausted state-level benefits, which last for 26 weeks in most states. Those checks could stop coming, too. One reason unemployment benefits are important is that recipients spend virtually all of the money, providing an immediate boost to the economy. A tighter crunch on the unemployed could also lead to more foreclosures and defaults on other types of consumer debt, since something will have to give if those checks stop arriving."
Does anyone know if this is true? Getting kind of scared seeing that I don't have a job and rely on the weekly checks. I would not be happy if Aug comes and I don't receive any checks! Can anyone help me with those fears? Thanks!
Total BS from the biased folks at NBC...Williams is a tool.
There's a lot of talk about the government defaulting on its debt, but that's not likely to happen. The government collects about $200 billion per month in taxes and other revenue, and that cash would keep coming in. It borrows another $130 billion or so each month—the money it would have to live without. Interest payments on the nation's debt—which Washington must pay on time to avoid being in default—amount to about $30 billion per month. You with me on the math here?...
If forced to choose, the government would almost certainly prioritize debt payments above other obligations, because welching on bonds considered the world's safest would sink financial markets everywhere and make American the world's biggest deadbeat.
The first thing that would happen is government workers would be put on furloughs and drastic cutbacks on government services would be implemented...(think parks & museums closing, PBS, NPR and other companies/organizations not getting government subsidies.)
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Originally Posted by motherleeds2011
The first thing that would happen is government workers would be put on furloughs and drastic cutbacks on government services would be implemented...(think parks & museums closing, PBS, NPR and other companies/organizations not getting government subsidies.)
and unemployment benefits.
Think Republican majority in the House, upcoming presidential race, plenty of unemployed voters.
It's pretty pathetic when politicians on BOTH SIDES threaten people with their SS, UI, and pensions for the sake of helping their party win elections. And BTW, NBC-Universal(owned by Comcast) have donated millions to Obama's campaign. Unbiased journalism, or taking sides? You tell me.
Consider that if SS, UI, and pensions were the first to stop getting payment, that means there are pork-projects somewhere getting money first. That is truly sad.
It is amazing that people eat the nonsense up of no SSI and UE, it will never happen. Obama was just playing politics and using that as leverage, his thinking was the duped masses would blame the {R}s. It is a good move on his part because there would be people stupid enough to believe him. In reality it is his own treasury dept that doles out the loot, the {R}s could not stop SSI or UE if they tried.
SS and UE is not going anywhere. The child we have for a president, yes, child, is playing games. The threatened the vulnerable, the seniors and the unemployed.
If, by some crazy act of God, that the Republicans prevent this debt ceiling raise, first and foremost, government will shrink. (This is VERY good) For many of the Republicans, this would mean they may be voting themselves out of office.
But, on the flip side, if the republicans do let this happen, they will be voted out of office anyways. So, in a nutshell, the (R)s are screwed.
Simply said, the (R)s can save a country and lose their jobs by preventing the debt increase, or the (R)s can lose their jobs and let the nations economy fail.
Over time, there will be changes made to UE. We do need to start withdrawing those benefits. There comes a point where us unemployed Americans need to stop being picky and get a job of any sort. (I was unemployed for a year, and just got back into the workforce, making half of my old salary. It sucks, but its my responsibility to take care of myself)
Those on social security, your benefits will remain the same. There may be reform and changes for us who are younger and have time before we retire, but that is for us to worry about.
For everyone, Obama is a skunk, a bully, a no good liar. So far, hes actually done a good job proving he cant fix anything yet. Do not give into his b/s anymore and give him another 4 years to screw the US even more.
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