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They are contractually owed to the beneficiaries and are therefore debt obligations of the U.S.
SCOTUS says you're WRONG.
Quote:
This is the issue finally settled by Flemming v. Nestor.
In this 1960 Supreme Court decision Nestor's denial of benefits was upheld even though he had contributed to the program for 19 years and was already receiving benefits. Under a 1954 law, Social Security benefits were denied to persons deported for, among other things, having been a member of the Communist party. Accordingly, Mr. Nestor's benefits were terminated. He appealed the termination arguing, among other claims, that promised Social Security benefits were a contract and that Congress could not renege on that contract. In its ruling, the Court rejected this argument and established the principle that entitlement to Social Security benefits is not contractual right.
Holy guacamole...this must be the most difficult thread to moderate. I applaud you moderators. The Politics forum must be a doozy. Like watching oil and vinegar.
I fully expect the GOP to back down at the last minute, why you may ask?
Default = worthless currency = the wealthy members of the Republican party take a huge hit = they will do everything in their power to prevent a default. Either that or Obama could just pull out the 14th amendment because he's just tired of the BS coming from the Tea Party.
Holy guacamole...this must be the most difficult thread to moderate. I applaud you moderators. The Politics forum must be a doozy. Like watching oil and vinegar.
The government ran out of money in May. They've been stealing from the federal pensions since then. The question is when will they run out of the money they have been stealing.
I find it funny that NO dem is talking about CUTTING SPENDING as a way to have more revenue to go to debts.
If ANYONE doesn't think there are BILLIONS of dollars that are wasted isn't facing reality.
Last edited by Quick Enough; 10-09-2013 at 11:21 AM..
Wrong. The U.S. has contracts and has purchased goods and services it hasn't yet paid. Those are real obligations. If you disagree, go to the supermarket and walk out with steak and argue that you don't owe the grocer anything.
I worked in Fed. Gov't. contracts and we ALWAYS had a clause that said the fed can cancel ANY contract at will.
Whys is it unheard of for the dems to look at existing contracts and cancel the ones that we can do without today. BILLIONS can be saved.
I think they ( both parties and the people who control both of them) want the US to default and they needed to cook up a crisis to make it happen. Boehners in on it, Reid's in on it, Obama is in on it. Well, Obama is just there to say what they tell him to say and sign what they put in front of him.
Our dollar is nearly worthless anyway, nothing but debt backs it up. We go bankrupt, cut entitlements, sell off our assets( federal land) have the underclass starve and riot, declare martial law, that's what they want.
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