Aspirin and water, please

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Aspirin and water, please - 7/28/2011 5:12:55 PM

AlwaysLisa

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CNN has been on in the background most of the day while I did my domestic duties....and I must say, I am thoroughly confused.

No one has given a straight answer. I would like to know what WILL happen to the millions of folks who depend on SS for income (mostly the elderly, retired, etc), if some agreement isn't attained by the cut off date. I have heard speculations, "what if" scenarios, and proclamations of doom.....but I have yet to hear, " A=B, to be followed by C.

Does anyone have a concrete answer? Do they even know? Educated guesses don't count. I think the people of this country deserve better then a whole lot of maybes, could be, or possibilities. Perhaps CNN cut that part out, did I miss the script of what will transpire after the dreaded day? Aside from gaining me a splitting headache trying to follow what has gone on, I am no more informed then I was this morning.

< Message edited by AlwaysLisa -- 7/28/2011 5:13:56 PM >

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RE: Aspirin and water, please - 7/28/2011 5:15:43 PM

willbeurdaddy

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Yes. Social Security is unaffected by the debt ceiling. It has its own self sustaining cash flow without needing proceeds from US bonds and interest on them for several years (and paying bonds would probably be the first priority in the event the debt ceiling isnt raised anyway). Claims that SS payments would not be made are fear-mongering lies. I dont need to say who told those lies.

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RE: Aspirin and water, please - 7/28/2011 5:17:48 PM

DarkSteven

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Nobody's ever been down this path before. If the debt ceiling is not raised, we'll be in uncharted territory and everyone's gonna be goofing around, doing the best they can. That's how you get some people claiming the roof will fall in (remember that before TARP?), and some like Bachmann claiming that nothing will change.

IOW, until we actually do it (God forbid), and do it a few times to get it down pat, nobody knows.

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RE: Aspirin and water, please - 7/28/2011 5:22:05 PM

DomKen

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The problem is it costs money to send out the SS payments and that money comes out of the regular federal budget and if the debt ceiling isn't raised there may not be money to send out the SS payments.

At present no one knows what will and won't get funded because there is no list of priorities on what to spend money on. Until Congress passes a law prioritizing expenditures it will be at the discretion of the Secretary of the Treasury (IIRC). With cash on hand sufficient for only 40% of budgeted outlays if the debt ceiling is not raised 60% of the federal government must shut down.

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RE: Aspirin and water, please - 7/28/2011 5:28:26 PM

willbeurdaddy

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If Obama didnt authorize the miniscule cost of cutting checks when SCOTUS has ruled that contractual obligations must be met first would likely be grounds for impeachment. There is 0 chance that SS checks will stop, both for that reason and because Blowboy wouldnt even get 10% of the senior vote, much less the 45% he got in 2008. He would be kissing his ass permanently out of the WH and he knows it. It was a lie, period.

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