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The Social Security Administration has begun warning the public it cannot guarantee full benefit payments if the debt ceiling isn’t increased.
When asked by the public, the agency is notifying beneficiaries that “Unlike a federal shutdown which has no impact on the payment of Social Security benefits, failure to raise the debt ceiling puts Social Security benefits at risk,” according to a person familiar with the agency directive.
The warning was assembled after the agency consulted with the Treasury Department, which would play a lead role in determining how the government handles payments if the borrowing limit isn’t raised soon.
basically all the money paid in should be there for every retired person. It's their money to begin with
reply to post by Realtruth
What's wrong with the picture is that that very fund has already been raided, lost and gone.
It's filled with Treasury IOU's, which you can't send as a check to those pulling SS.
Social Security taxes are paid into the Social Security Trust Fund maintained by the U.S. Treasury (technically, the "Federal Old-Age and Survivors Insurance Trust Fund", as established by 42 U.S.C. § 401(a)). Current year expenses are paid from current Social Security tax revenues. When revenues exceed expenditures, as they did between 1983 and 2009, the excess is invested in special series, non-marketable U.S. Government bonds. Thus, the Social Security Trust Fund indirectly finances the federal government's general purpose deficit spending. In 2007, the cumulative excess of Social Security taxes and interest received over benefits paid out stood at $2.2 trillion. The Trust Fund is regarded by some as an accounting construct which holds no economic significance. Others argue that it has specific legal significance because the Treasury securities it holds are backed by the "full faith and credit" of the U.S. government, which has an obligation to repay its debt.
reply to post by Realtruth
Don't forget either, one of the things our loving government always fails to mention is that they drained the fund and filled it with IOU's a long time ago.......
It's a scare tactic as it always is, mainly because they know if they pull that plug, they might as well declare Martial Law and initiate their final protocol for ending our sovereignty and join the NWO....
Maybe just stopping welfare would be enough,.
I mean,. there are ALOT of useless leaches out there
Other thing to remember about cutting welfare and social security, many will turn to crime, and prisons and police cost money too. So it would actually not likely save much if we want to keep our current standard of living. Problem is whether we want to keep it really doesn't matter because we can't afford it.