Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Obama: Social Security Checks Will Stop When Debt Ceiling Is Reached

Tuesday, October 8, 2013 6:06
% of readers think this story is Fact. Add your two cents.

(Before It's News)

The United States government brings in enough money to meet all of it’s obligations of interest on the debt, social security and defense. If the government defaults on it’s payments it will be because President Obama and Treasury Secretary Jack Lew want it to happen.

WASHINGTON — President Barack Obama said Thursday that while it’s bad members of Congress have allowed a government shutdown, it would be worse if they failed to increase the government’s borrowing authority later this month.

First and foremost, he said, retirement and disability benefits for millions of Americans would be at risk.

“In a government shutdown, Social Security checks still go out on time,” Obama said. “In an economic shutdown, if we don’t raise the debt ceiling, they don’t go out on time.”

More than 57 million Americans receive monthly benefits from the Social Security Administration. The average monthly check for retirees totaled $1,224 in September.

The president’s remarks followed a Treasury Department report detailing catastrophic consequences for Congress failing to allow the government to continue borrowing money to cover expenses. Not raising the so-called “debt ceiling” by Oct. 17 could trigger “a financial crisis and recession that could echo the events of 2008 or worse,” the report said.

A lapse in Social Security would be bad news for the 21 million seniors the benefits have lifted from poverty, and it would certainly disrupt the broader economy. A report by the AARP Public Policy Institute this week estimated Social Security benefits accounted for $1.2 trillion worth of economic output last year. 

[ Full Article ]

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Total 19 comments
  • ☜(☼_☼)☞

    Social security is not an entitlement program, not welfare, it is money that was taken from American taxpayers, without thier permission, (theft) for all of their working lives, to be dolled out later by a criminal administration that criminally spent the money they stole from your paychecks with the promise that they would give it back decades later, without interest (in fact they tax you when they return your money.)

    Now a sociopathic president threatens to take it all away.

    • True News

      That about nailed it.

    • Old Harry

      Yep – I agree. I started paying SS in 1952, and if you added up all the money paid in over the many years and added 3% compounded interest I should be fully funded when I’m around 80, but the above person has pretty much said it all! Obama has declared the government will stop paying my money and declares it their own. Now that is rich!

    • itzashame

      That about sums it up quite nicely. Thanks. And, if I might add, this supposed debt ceiling being reached on the 17th. What a crock. #1, we don’t even know if that’s an accurate figure to start with, #2, the debt clock remained frozen for about 3 months. My guess is we are already above the debt ceiling and have been for months. Obama has threatened to cut off SS checks many times yet insures that his pet agendas stay funded. Why doesn’t he stop the foreign aid to our enemies or stop funding for any of the other multitudes of wasteful spending this administration takes part in? Everything this man has ever done has been for political purposes, “never let a crisis go to waste”, even if they have to create the crisis to start with. He will undoubtedly attempt to use this ploy to blame Republicans and Tea Party.

  • barebones

    I don’t understand. Aren’t we constantly being assured that the Social Security “Fund” is intact? Perhaps the “Fund” managers aren’t telling the (whole) truth. Maybe the “Fund” holds worthless US Treasuries or something similar!

    Illusive answers from an elusive government!

    • jlwise1949

      Everyone needs to go to http://www.thebiglie.net and read about how the politicians hoodwinked the American citizens. That money was to go into a trust account BUT thanks to Newt Gingrich and Ronald Reagen all of that money was put into the general fund to show a balanced budget. Then the people need to go to http://www.thelawthatneverwas.com and read this about how the government has forced the 16th amendment onto the American people. The 16 th amendment was never ratified by the states. The United States is a corporation go to http://www.usavsus.info. :twisted:

  • Don't be hating!

    Social Security was made up to steal your hard earned money. The CROOKED politicians use it for WAR and personal spending. They use it to FUND terrorist and DRUG Cartels!

  • jsw23

    if the checks are even delayed you can bet all those seniors that are one of the largest voting blocks which normally vote democrat will reconsider voting democrat in the future
    next presidential election will be a landslide for republicans.
    they will control congress as well as have the presidency and may pick up lots of state governors and other local offices that are normally held by democrats

    Rush Limbaugh president Sarah Palin Vice President in 2016

    • LedaOhio9

      @Jsw23

      No offense.. BUT!

      It is funny you think there is a Left / Right.

      “Voting”..
      Is an Illusion that you have a choice..

    • ashley robinson

      Rush is about as conservative as obama is a liberal. there is nothing conservative about rush limbaugh. there is nothing liberal about obama. rush is a propaganda mouthpiece that loves reagan’s tripling of the national debt and bush, jr’s doubling the size of the federal govt and doubling of the debt. rush limbaugh is a hypocrite that supported reagan’s war on drugs while he didn’t go to prison for his own drug use when caught at the airport. obama is no liberal. thomas jefferson was a liberal. obama is a hardcore authoritarian corporate fascist. he’s no different than bush’s era of the gop.

  • pigsdofly

    When O threatens the SS checks does he even know that the dollar amount taken for Medicare comes out of that amount before you even get it?? Do you think he’s going to cut Medicare short??? I am calling Bull! I am sure he’s playing on your “psychie” in the form of “FEAR PORN!” Saber rattling just like the last Syria scare!!! I consider Washington DC poor acting and poor actors~a STAGE SHOW!

  • HIDDENTEXTOR

    2 10 2 Nous efperons vn fiecle bien feneftre:
    EVENTFUL* BEER’S (Celt brew: May 13 – June 9) INFERENCE PENSIONS OFF

    4 38 EVALUATE FATAL UNNATURAL FARMING. UUATERS “FLUFF” FEBRUARY.
    (Tsunami? … from space debris?)
    GUARD [against] TRANSFER OFF UUELFARE FEBRUARY…
    “welfare” and “pensions” can be two different things
    with inference pensions that will then be gone in May
    *FORCE BEEN, SPIN [Earth] IN BEEF (Taurus) ELEVEN: FOURTEEN –
    11th day of Taurus is May 2nd/3rd in BELTANE

    (In quatrain 9 83 it said “Sun twentieth of Taurus great earthquake”.
    May 13th is “twentieth of Taurus” the 2008 China quake was on that day,
    believed to have been artificially produced by HAARP)

    • cece

      What?

  • Banderman

    Barry; always on the wrong side of history, facts, and the truth.

  • dcselby1

    Since Social Security payments are considered part of the mandatory spending portion of the budget this means they have to be paid by law. The ONLY reason they will stop is if obama or the treasury DIRECT the payments to be stopped! Period. As to the “trust fund” or “lock box,” they do not exist. Congress has been spending this money for years and made no bones about it, placing “IOUs” in the treasury.
    I get the biggest chuckle from idiots who claim that they have paid in for “X” dollars for many years and, “If only “Y” percent of interest had been paid, they would have “thousands of dollars in my ‘account.” These are the SAME people who raised holy hell when Bush or other republicans even MENTIONED “privatizing” Social Security which would have, in fact done this! And just how many of these folks EVER, I mean EVER wrote ONE letter to their representatives concerning their actions regarding this legal Ponzi scheme? Doubtful if ANY ever did.

    • CrowPie

      Amen!

  • Nam Marine

    As usual, the boy king is lying through his teeth!

  • Laurie

    Wish someone would add up how much he has spent on vacations this year. Its almost time to go back to Hawaii. We the people need to have a bill passed to have a limit for personal use of a president. Of course he would not sign it.

    He lives in the people’s house. Evict him.

  • cece

    Well then the salaries of POTUS, VPOTUS, Congress and staffers AND Secret Service should stop as well.

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.