“Tue Oct 8, 2013 12:53pm EDT
By Mark Miller
“Oct 8 (Reuters) - President Barack Obama
warned last week that Social Security benefits might not go out "on
time" if Congress does not raise the debt ceiling.
“Should seniors and disabled Americans
really 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
Obama administration insists on making Social Security a pawn in the debt
ceiling battle. And that's a move it has no business making.
“Social Security is a stand-alone
program with its own dedicated 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. Those funds can't be
used for anything other than benefits.”
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