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GOP Senators on TV Lauding Their Pay Seniors Social Security in Default Bill

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jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 12:55 PM
Original message
GOP Senators on TV Lauding Their Pay Seniors Social Security in Default Bill
So basically, they are already admitting they will default? They are trying to look like the good, caring "adults." This is just what I predicted would happen when the President told Americans he may not be able to pay Social Security checks.
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IndianaJoe Donating Member (664 posts) Send PM | Profile | Ignore Tue Jul-26-11 12:57 PM
Response to Original message
1. This is astonishing. What unmitigated gall. I hate them. n/t
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jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:33 PM
Response to Reply #1
5. Yep. Now all of a sudden they are the great defenders of seniors and Social Security. Yuck.
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lumberjack_jeff Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:00 PM
Response to Original message
2. It was stupid of Obama to threaten this.
There's enough SS tax revenue to pay SS recipients. You don't need to borrow to do that.
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ejpoeta Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:13 PM
Response to Reply #2
3. It wasn't about the social security itself. it was about the PEOPLE who have to send the checks out
not being there to send the checks out. there is an office that has to be staffed to prepare and send checks out to the people who are due the checks. If there is no money to pay those people who are federal workers as all other federal workers who would have been furloughed then the checks would not have gone out. It had nothing to do with the money for the checks not being there itself. IT was for the office staff who would have to be furloughed like all the other federal workers.
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lumberjack_jeff Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:30 PM
Response to Reply #3
4. No. That's not what he meant.
In event of default, Obama can pick and choose which programs (including SS) to pay.

http://www.foxnews.com/politics/2011/07/13/report-backs-obama-warning-that-social-security-checks-at-risk-in-debt-crisis/

Washington is obligated to pay Social Security benefits, but a Congressional Research Service report last month confirmed that the Treasury Department can delay them if necessary.
"Social Security benefit payments may be delayed or jeopardized if the Treasury does not have enough cash on hand to pay benefits," reads the report, which notes that the Treasury occasionally needs to issue debt to pay benefits, and a failure to raise the ceiling could make that impossible.
A Government Accountability Office report several decades ago also said it is "generally recognized" that, in the event of a national default, the government would be precluded from honoring some obligations -- including Social Security benefits, employee wages and other payments.
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ejpoeta Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 02:00 PM
Response to Reply #4
8. I am sorry. I thought it had to do with the people who send out the payments not being there to do
so.
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jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:34 PM
Response to Reply #3
6. But all of SS is automated direct deposit now. I believe he said he didn't have enough$ in the
coffers?
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dgibby Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jul-26-11 01:46 PM
Response to Reply #3
7. Federal workers, Vets, AD military, and SS recipients are
all on direct deposit. It's done by computer.
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