Therefore, it is really troubling to hear this administration "rattle the cage" with scary comments about the status of these checks or direct deposits.
Michael McConnell wrote a great piece on the subject and it should be sent to anyone currently expecting their direct deposit next week: Contrary to the President, Social Security Checks Are Not At Risk
"As recently explained in much more detail by legal scholars Mark Scarberry and Nancy Altman, and by the aptly-named Thomas Saving, a former public trustee of the Social Security and Medicare Trust Funds, in an op-ed in the Wall Street Journal, , reaching the debt ceiling will not affect the ability of the Social Security Administration to pay its obligations."
Nobody is going to miss their August or subsequent direct deposits. Furthermore, Speaker Boehner and the GOP House have made it clear that they will guarantee these direct deposits, a moral compact between our parents and the system.
It won't happen! It won't be allowed to happen!
Cut the press conferences! Cut the threats! Cut the crap! Stop the appalling "scary tactics"! Drop them immediately!
As indicated before, I would like to see a short term increase in the debt ceiling coupled with spending cuts. We should do it over and over again until we reduce the federal budget to a more manageable level, such as the 2-3% of GDP that we had under Pres Bush.
In the long run, we should pass a Balanced Budget Amendment and send it to the states for ratification. I remind that it will probably take 3-4 years for that to happen. It will have zero impact on these negotiations but will send investors a sign that the US is serious abut dealing with structural problems.
In the past, I've called for Social Security reforms. We can debate that all day long but no one has ever suggested that current recipients should be impacted by reforms. Again, these direct deposits are a moral compact between our parents and the system!
Beyond numbers or economic theories, it is pathetic to watch Pres BO scare seniors and make false predictions.
It makes me sick!
P.S. We spoke about this and other issues on Monday night:
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