The debt ceiling

[Frederick]

I don’t know if y’all heard about the debt ceiling, but it’s not looking good. The treasury department says we could default by June 1.

No social security checks, no veteran benefits, no military pay.

How will this effect you? Is it Bidens fault?

 

[OKCHunter]

I don’t know if y’all heard about the debt ceiling, but it’s not looking good. The treasury department says we could default by June 1.

No social security checks, no veteran benefits, no military pay.

How will this effect you? Is it Bidens fault?

It's also causing havoc in the markets as well. Definitely Biden's fault. He's just now coming to the table to negotiate (if that's what you call his non-negotiable stance) with the Republicans. As usual, his administration's response is late and inadequate. What a worthless President.

 

[OkieMoe]

It's also causing havoc in the markets as well. Definitely Biden's fault. He's just now coming to the table to negotiate (if that's what you call his non-negotiable stance) with the Republicans. As usual, his administration's response is late and inadequate. What a worthless President.

Worthless Human.

 

[rc508pir]

We pretty much ****ed

 

[conditionzero]

Social security payments have always been endangered. The only way to guarantee your retirement is to plan for it yourself.

OASI is depleated and now FICA payments will only fund something like 77% of SSI funding. Meaning OASI has only ever had at most 30% coverage of SSI.

Every POTUS since 1983 has borrowed against SSI, this should be no surprise.

 

[OneMoreEvan]

They'll just raise the debt ceiling like they always do. Expecting the Government to come up with solutions to problems they created is like expecting a boat full of holes to keep your feet dry.

 

[Pstmstr]

It’s our fault. We keep voting for those who don’t have our best interests at heart. No way will they default. The Republicans will fold like cheap suits just as they always do. BS posturing is all it is. China owns the USA and it’s the fault of BOTH political parties for continuing to spend money we don’t have and borrowing more. Why in the world would we give money to places like Ukraine when we have to borrow just to fund our own country? Pure stupidity by Americans who continue to tolerate it.

 

[TinkerTanker]

Last time we shut the government down, the whole "No social security/military pay checks!" scare was nonsense. It was all computer controlled so the personnel required to process payments was much less than it was in the 80s.
I'd imagine it's the same this time. No reason to think it won't be.

 

[adamsredlines]

Wonder if they'll have pre-made signs ready to go to close national parks again.

 

[Frederick]

Social security payments have always been endangered. The only way to guarantee your retirement is to plan for it yourself.

OASI is depleated and now FICA payments will only fund something like 77% of SSI funding. Meaning OASI has only ever had at most 30% coverage of SSI.

Every POTUS since 1983 has borrowed against SSI, this should be no surprise.

Even your retirement savings aren’t bulletproof— they’re at the mercy of the market. If they default, your savings are just as ****ed and the dollar will be worthless. You’ll need your whole life savings to buy bread at that point