Good Morning Everyone,
The question this week is, Will we get our Social Security checks if the U.S. defaults? Should seniors and disabled Americans be worried about their benefits if the U S government runs out of borrowing capacity later this month?
The answer is yes, but only if the administration insists on making Social Security a pawn in the debt ceiling battle. Social Security is a stand alone program with its own revenue stream. Workers and employers pay a combined 12.4 percent of employees’ payroll. It was designed to be a “pay as you go” program.
With taxes on today’s workers funding current payouts to retired and disabled workers and their dependents. Scaring seniors and disabled people might make for good politics, considering the huge stakes of the debt ceiling battle, but that does not make it right. One-third of today’s seniors rely on Social Security for 90 percent or more of their income.
Social Security is a real pension program backed by very substantial assets, and the president has an obligation to act as fiduciary and protect that.
This Friday, Oct. 18 the Alamosa Senior Citizens will have a biscuits and gravy supper. The time is 5:30 p.m. and the price is $6. We will serve biscuits and sausage gravy, scrambled eggs, drinks and dessert. Hope to see you all here.
See you all next week,