By Jeff Davis. Fox News reports: “Obama issued the warning on Tuesday when he said Social Security payments and veterans’ checks, among other payments, could be at risk if negotiators don’t reach a deal to raise the debt limit above $14.3 trillion by Aug. 2. That’s when the Treasury Department says the government will stop being able to borrow money. ‘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,’ Obama said in an interview with CBS News.”
First of all, that’s false. The checks would still go out. Democrats love to scare people, and they are hoping enough ignorant people call their Congressmen about this. The United States currently takes in something like $200 billion dollars per month in revenue, and Social Security only pays out approximately $50 billion dollars per month. So the idea that there will be no money to pay Social Security benefits is garbage.
Because Congress has borrowed so much money, we could eventually get to the point where the interest payments will make it impossible to have enough money left to pay Social Security. Let’s say the national debt climbs up to 20 billion and we’re paying -say- five percent interest, that would be a trillion dollars per year in interest alone or 83 billion dollars per month. This is why it’s important to stop deficit spending as soon as possible. The current federal budget deficit is $1.5 trillion per year.
Back to Fox News: “The warning rippled through Washington, though some continued to question whether the administration was over-hyping the consequences of creeping too close to the cut-off date for borrowing. Rep. Tim Huelskamp, R-Kansas, said Wednesday that if the administration were to withhold Social Security payments, it would be a political decision because there are sufficient receipts to cover the checks.”
This is Obama’s version of holding his breath until his face turns blue. Obama is threatening to hurt old people and veterans, many of them disabled, if he doesn’t get his way. Meanwhile, the salaries of Congressmen, FBI agents, and IRS employees would still be paid. Someone should check to see if Obama plans to cut off Social Security checks for Americans (who paid into the system all their lives) before cutting the Section 8 (free) housing money for millions of Blacks and Latinos.
