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Bob, We have plenty of money, and DO NOT risk not being able to pay ss checks. Since you are so concerned, maybe this article will provide some reassurance. Money Available for Social Security Checks
Bob, We have plenty of money, and DO NOT risk not being able to pay ss checks. Since you are so concerned, maybe this article will provide some reassurance. Money Available for Social Security Checks
Location: Prescott Valley,az summer/east valley Az winter
2,061 posts, read 4,135,803 times
Reputation: 8190
the problem isn't that the money wasn't paid in, but that it was spent on things other than SS, R. reagan fixed it and put it in a lockbox; newt Gengrich decided he could spend it. If the debt limit isn't raised the interest rates on loans for government and private will instantly go up 5 %~ wall street will have a dip of 10-15%. Yet our polititions want to play chicken. Last time they shut down the government cost a lot, this time it'll cripple the country for years!
You won't miss youe check, the clowns running this country are just doing some more dramatic theatrics, as always directing their ploy at seniors and veterans.
Here are the facts, as reported by MarketWatch and the Bipartisan Policy Center. You do the math:
* The federal government receives approximately $200 billion in revenues each month.
* Interest on the national debt in August will be approximately $29 billion.
* Social Security will cost about $49. 2 billion.
* Medicare and Medicaid will cost about $50 billion.
* Active duty military pay will cost about $2.9 billion.
* Veterans affairs programs will cost about $2.9 billion.
If you've been punching buttons on your calculator, you know that still leaves $39 billion each month.
Read more at the Washington Examiner: Washington gets $200 billion a month, Social Security costs $50 billion a month, and Obama is threatening to starve Grandma? | Mark Tapscott | Beltway Confidential | Washington Examiner (http://washingtonexaminer.com/blogs/beltway-confidential/2011/07/washington-gets-200-billion-month-social-security-costs-50-billio#ixzz1S18gfzf0 - broken link)
Here are the facts, as reported by MarketWatch and the Bipartisan Policy Center. You do the math:
* The federal government receives approximately $200 billion in revenues each month.
* Interest on the national debt in August will be approximately $29 billion.
* Social Security will cost about $49. 2 billion.
* Medicare and Medicaid will cost about $50 billion.
* Active duty military pay will cost about $2.9 billion.
* Veterans affairs programs will cost about $2.9 billion.
If you've been punching buttons on your calculator, you know that still leaves $39 billion each month.
Read more at the Washington Examiner: Washington gets $200 billion a month, Social Security costs $50 billion a month, and Obama is threatening to starve Grandma? | Mark Tapscott | Beltway Confidential | Washington Examiner (http://washingtonexaminer.com/blogs/beltway-confidential/2011/07/washington-gets-200-billion-month-social-security-costs-50-billio#ixzz1S18gfzf0 - broken link)
Thanks for posting this. It's always good to have more sources of info.
Like most political opinion articles, the Washington Examiner article presents only the data that it believes to be supportive of its point, ignores the rest, and sinks down to the level of ad hominem attack.
Here are the facts, as reported by MarketWatch and the Bipartisan Policy Center. You do the math:
* The federal government receives approximately $200 billion in revenues each month.
* Interest on the national debt in August will be approximately $29 billion.
* Social Security will cost about $49. 2 billion.
* Medicare and Medicaid will cost about $50 billion.
* Active duty military pay will cost about $2.9 billion.
* Veterans affairs programs will cost about $2.9 billion.
If you've been punching buttons on your calculator, you know that still leaves $39 billion each month.
Read more at the Washington Examiner: Washington gets $200 billion a month, Social Security costs $50 billion a month, and Obama is threatening to starve Grandma? | Mark Tapscott | Beltway Confidential | Washington Examiner (http://washingtonexaminer.com/blogs/beltway-confidential/2011/07/washington-gets-200-billion-month-social-security-costs-50-billio#ixzz1S18gfzf0 - broken link)
Wow. Hard to believe the Washington Examiner left out the important stuff contained in the Bipartisan Policy Center's Report. From the BPCs summary:
Under a system of prioritization, to pick one illustration, Treasury could exhaust all inflows for the month of August by paying only six major items: interest on our existing debt, Medicare, Medicaid, Social Security, unemployment insurance and defense contracts. Without cutting from these items, there would be no money to fund entire U.S. departments, such as Justice, Labor, and Commerce. There would also not be funds to pay for veterans’ benefits, IRS refunds, military active duty pay, federal salaries and benefits, special education programs, Pell Grants for college students or food and rent payments for the poor. “The choices would not be pretty,” said Powell. Moreover, BPC’s research shows that the day-to-day outlook would be even more harrowing. For example, if the cash shortage begins on August 3, as projected by Treasury, the government could find itself unable to make a $23 billion Social Security payment that has to go out that day.
IOW, there is also a potential problem with cash flow. Does the Examiner believe that the $200 billion in revenue magically appears on the first of the month? Really?
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