Author Topic: "No Social Security checks" if Congress doesn't raise "debt ceiling"  (Read 2717 times)

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Offline Effie Trinket

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http://www.businessinsider.com/obama-debt-ceiling-social-security-boehner-deadline-default-government-shutdown-2013-10

Obama Just Played His Big 'Trump Card' On The Debt Ceiling
BRETT LOGIURATO OCT. 3, 2013, 11:59 AM

"Early Thursday morning, Potomac Research Group analyst Greg Valliere predicted that if the debt-ceiling deadline grew closer, President Barack Obama would play his "trump card" in the debate. He would remind seniors that if Congress doesn't raise the debt ceiling, seniors wouldn't get their Social Security checks.  "GOP strategists like Karl Rove surely know that it's just a matter of time before President Obama throws a game-changer — warning senior citizens that their Social Security checks won't be mailed because of John Boehner," Valliere wrote in a note to clients.

A few hours later, Obama did just that during a speech at M. Luis Construction Company in Rockville, Md. He spent much of the speech warning that while the ongoing government shutdown was damaging, failure to raise the debt ceiling by an Oct. 17 deadline would be even worse.

"In a government shutdown, Social Security checks still go out on time. In an economic shutdown — if we don't raise the debt ceiling — they don't go out on time," Obama said. "In a government shutdown, disability benefits still arrive on time. In an economic shutdown, they don't."

Earlier on Thursday, the Treasury Department warned in a big report that breaching the debt ceiling could inflict economic calamity "more severe than any seen since the Great Depression."

"The United States has never defaulted on its obligations, and the U.S. dollar and Treasury securities are at the center of the international financial system," the report said.

"A default would be unprecedented and has the potential to be catastrophic: credit markets could freeze, the value of the dollar could plummet, U.S. interest rates could skyrocket, the negative spillovers could reverberate around the world, and there might be a financial crisis and recession that could echo the events of 2008 or worse."

The Treasury says that the debt ceiling needs to be raised by Oct. 17 to avoid potential default on some U.S. obligations. After that date, the Treasury would have only approximately $30 billion to meet all of its commitments. On some days, expenditures can go as high as $60 billion.

Obama says that he won't negotiate over raising the debt ceiling, calling it Congress' responsibility. House Republicans, meanwhile, have looked to extract some kind of concession out of Obama in exchange for a debt-ceiling hike."

Offline jofortruth

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Don't believe me. Look it up yourself!

Offline Tsul777

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #2 on: October 03, 2013, 07:47:04 pm »


The Treasury says that the debt ceiling needs to be raised by Oct. 17 to avoid potential default on some U.S. obligations. After that date, the Treasury would have only approximately $30 billion to meet all of its commitments. On some days, expenditures can go as high as $60 billion.



Sounds like another "Bailout" scam to me. Just another trick to print more funny money out of thin air. There is no legitimacy behind any of it but for some reason the average person can't see behind the façade. Actually, there are quite a few reasons now that I think about it. Barry will hold seniors hostage to take the roof off the debt. A new low indeed. They must either be getting lazy or more evil. I pick the latter. Bastidos!!
I AM POLITICALLY AGNOSTIC AND PROUD OF IT - John Tsul

user111

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #3 on: October 04, 2013, 12:29:24 am »
My SS check arrived in my checking account bright and early today,just like it has every month for a few years now.

They wouldn't dare Pi--ss off old people,lol

Offline iamc2

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #4 on: October 04, 2013, 02:26:25 am »
 If the Social Security checks are delayed; Washington will see the Revenge of the 'GRAYS' and they are a Force that will Rise Up and Protest---Just as the WWII Veterans did!

 So Beware DC--Don't Piss Off The Elderly..  >:(
"When the Truth was murdered:
Common Sense ran away..."

Offline chris jones

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #5 on: October 04, 2013, 03:21:27 pm »
If the Social Security checks are delayed; Washington will see the Revenge of the 'GRAYS' and they are a Force that will Rise Up and Protest---Just as the WWII Veterans did!

 So Beware DC--Don't Piss Off The Elderly..  >:(
          Heres an oldy for ya iamc...  Snow on the roof but fire in the belly..

Offline decemberfellow

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #6 on: October 04, 2013, 05:10:25 pm »
TPTB are mean and evil  but not stupid. This is nothing but a scare tactic.  Actually for the sake of the country I would like to see an awakening that such a tactic would bring. Aw just wishful thinking.
Rev21:4
And God shall wipe away all tears from their eyes; and there shall be no more death, neither sorrow, nor crying, neither shall there be any more pain: for the former things are passed away.


Who am I
 https://www.youtube.com/watch?v=v7Fk6dt_uHo

Offline fred.greek

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #7 on: October 04, 2013, 08:34:35 pm »
The President does not need Congress to take any action, for federal payments to continue to be made on time.

To encourage the President to take action, see the White House petition at

http://wh.gov/lTvU6

The petition is to encourage the President to require the Secretary of the Treasury to use existing, Constitutional, statutory authority to mint "Trillion Dollar" platinum coins to cover spending.

The Secretary can mint platinum coins of any face value, deposit this coin into the treasury, and spend the newly created currency.  I argue this less inflationary than borrowing.

Example:  You buy $5000 of Series EE savings bonds.  The government spends your $5000. Finding a used car you want, you can transfer the ownership of those bonds to the car seller.   

Effectively there $10,000 in circulation, just as there would have been if the government had printed new money.

The same thing is in the big picture happening each year to the level of billions if not trillions of dollars.

Further to the extent that the created currency pays off an interest bearing treasury note, by eliminating future interest it is deflationary.

Retired but still working in the garden...

Offline iamc2

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Re: "No Social Security checks" if Congress doesn't raise "debt ceiling"
« Reply #8 on: October 05, 2013, 01:29:01 am »
          Heres an oldy for ya iamc...  Snow on the roof but fire in the belly..

YES Mr. jones that is me and I'm guessing you also: also I enjoy your "RANTS" very much! Peace my Friend  8)
"When the Truth was murdered:
Common Sense ran away..."