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No Guarantee Social Security Checks Will Go Out

Posted: Jul 13, 2011

Obama says he cannot guarantee Social Security checks will go out on August 3
By
Corbett B. Daly

President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.

"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.

The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2.

Lawmakers from both parties want to use the threat of that deadline to work out a broader package on long-term deficit reduction, with Republicans looking to cut trillions of dollars in federal spending, while Democrats are pushing for a more "balanced approach," which would include both spending cuts and increased revenue through taxes.

Read the rest of the article: http://www.cbsnews.com/8301-503544_1...89-503544.html

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Nothing but a "scare tactic." - NM

[ In Reply To ..]
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This isin't a scare tactic - it's real

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If the Debt Celling is not raised SS is in danger and yeah there is a real good chance you won't get your checks.
Here's why...

The Funding for Social Security isn't a Big Fat Bank Account somewhere it is held in Bonds, Treasury Bonds. Treasury Bonds that need to be redeemed, paid off so that checks can be issued. The checks are paid out by the interest on the Treasury Bonds.

They redeem the bonds use the interest and, well they buy more bonds. By Law that is how Social Security is held, in Low risk Treasury Bonds.

I know it sounds crazy but it's how it's done.

Now here's the kicker, if we don't raise the debt ceiling the Treasury Bonds will be worth pretty much nada. Can't redeem em because who the heck wants to buy a worthless IOU? Can't buy new ones because we can't borrow money to buy new ones, because we just defaulted on all of our debts. Nobody is going to take the risk.

Get the funding elsewhere? Sure, sounds good except there isn't a pile of money sitting around most of it is held in Treasury Bonds, not cash, and so Lather rinse repeat guess what?

There will be no money because you can't borrow it and you can't redeem what you hold.

So yeah it's scary, but it's not a tactic, it's what will happen.

crisis - anon

[ In Reply To ..]
Once again, we are faced with a crisis and armageddon. There is absolutely ZERO leadership in the WH right now. Does anyone in this administration have a clue?

November 2012 can't come soon enough.

This may come as a shock to you - but

[ In Reply To ..]
it is the responsibility of Congress to take care of such routine housecleaning measures as extending the debt ceiling, as was done 7 times during the previous administration. Only after they float the resolution through the House and Senate does it reach the president's desk for signature (or had you forgotten?). This is in accordance with 14th amendment mandates that Congress honor the debts they have legislated, and that defaulting (voiding) on govt bonds "lays beyond" the power of Congress. It is also in accordance with separation of powers where the legislature, not the president, is expected to be the first the to propose and enact law. Of note, there is room for all 3 branches of govt to get in on the debt ceiling issue, but not until CONGRESS makes the first move. Ergo, if anyone has shirked responsibility and shown ZERO leadership here, it would be Congress, not the president.

Obama has out-maneuvered and out-strategized the obstructionists, the results of which we are now seeing in the Mcconnell plan which essentially caves in on lifting the debt ceiling while eliminating ALL previously proposed spending cuts. Of course, cooler minds must prevail when considering the proposal, since his avowed number one priority is to get rid of Obama before addressing any other such mundane issues as the economy or jobs, bringing into question any hidden agenda he may have up his sleeve. Still, it is impressive to see how the GOP staunch our-way-or-the-highway position has disintegrated over this past week under the weight of its own party infighting, something the Obama has used to his advantage quite effectively up to this point.

Well then...if that is the case and - sm

[ In Reply To ..]
we cannot pay for SS without raising the debt ceiling...didn't Mr. Obama just admit that SS is a failed program? Harry Reid himself said that SS was fine and we had enough money for several years and now you have our president saying he cannot guarantee that those checks will go out Aug 3rd. So which is it? A scare tactic or a failed program because its gotta be one or the other.

obama or reid - who is the fibber

[ In Reply To ..]

Pants on fire! Someone is lying - who is it? Obama or Reid? Even David Gregory has a hard time with this! Oh my, these politicians really should get together once in a while (maybe on the golf course?) to discuss how they are going to spin the rhetoric so they are all on the same page.

    REID: One of the thing that always troubles me, when we start talking about the debt, the first thing people do is run to social security. Social Security is a program that works and it’s going to be, it’s fully funded for the next 40 years, stop picking on social security. there are a lot of places…

    GREGORY: “Senator, you’re really saying the arithmetic on social security works?”

    REID: “I’m saying that the arithmetic on Social Security works. I have no doubt it does.

    GERGORY: “It’s not in crisis?

    REID: “No, this is something that’s perpetuated by people who don’t like government. Social security is fine, are there things we can do to improve social security? Of course, I’m not going to go to backdoor methods to whack social security. I’m not going to do that, we have a lot of things we can do with this debt. But one places I’m not going to be part of picking on is Social Security”

Videos here: http://bsfootprint.com:82/politics-politicians/obama-admits-there-is-no-social-security-trust-fund

I guess you can toss a coin to choose who to believe?

How can it be a scare tactic when Obama himself said it - huh??? nm

[ In Reply To ..]
nm

Doubtful this will happen - here's why. - Zville MT

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I understand it's not an end-all, but it's certainly a good argument that could be made according to the constitution.

http://blogs.reuters.com/columns/2011/06/28/default-not-an-option-under-u-s-constitution/

I recognize that our debt problem won't be solved by spending cuts only - taxes have to be raised. But does anyone really believe that it will end with "millionaires and billionaires?" We'll all end up paying more and the question is for what? Will Congress hold up their end of the bargain and actually cut spending or do what they've done before and just kick it down the road?

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