Posted on 10/03/2013 4:21:51 PM PDT by SkyPilot
President Barack Obama warned Thursday that as bad as the government shutdown is, a failure to raise the debt ceiling would be even more damaging to the U.S. economy, and called on congressional Republicans to end their “irresponsibility” on both issues.
“As reckless as a government shutdown is … an economic shutdown that results from default would be dramatically worse,” Obama said on the morning of the third day of the government shutdown, at an event held at M. Luis Construction Company in the D.C. suburb of Rockville, Md.
The president had on Wednesday warned Wall Street that “this time’s different,” and that a default seems more likely than it has in past debt ceiling crises. On Thursday, he expanded his message to convey how a default would hit the entire economy.
(Also on POLITICO: Is a grand bargain only way out?)
“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,” he said. “In a government shutdown, disability benefits still arrive on time. In an economic shutdown, they don’t.
“In a government shutdown, millions of Americans — not just federal workers — everybody faces real economic hardship. In an economic shutdown, falling pensions and home values, and rising interest rates on things like mortgages and student loans, all those things risk putting us back into a bad recession, which will affect this company and those workers and all of you,” he said.
Failing to raise the debt ceiling “would be the height of irresponsibility,” Obama said, rare anger coming through in his voice. “And that’s why I’ve said this before, I’m going to repeat it: there will be no negotiations over this."
(Excerpt) Read more at politico.com ...
As long as there's a positive Social Security Trust Fund balance (it's currently at four trillion dollars), Social Security benefits can be paid by redeeming those bonds with no increase in national debt.
Any failure to do that should be a capital offense.
Well, it is!
Muslims have a habit of embedding their military in places where they know Westerners will refuse to strike, such as civilian neighborhoods, children’s hospitals, etc. In other words, they hold these people as hostages. Obama has that mindset, since he was raised outside the American homeland as a Muslim. His gambit is to hold social security recipients as hostages to force through his monstrosities.
I think there is some truth to that. To be sure, it has been hard not to notice that the Tea Party traditionally has not protested Social Security or medicare nearly as passionately as they have protested every other federal program. And I think it has been bad for their rep overall.
Not exactly. Especially the older retirees; what they collect is far beyond their contributions.
As an extreme example, Ida Mae Fuller paid $22 in FICA deductions; she collected $22,000.
“Seems that way too many now want free things at the expense of those working for it. Once we pass the magical 50% margin, well, things WILL change.”
that is the crucial point. all the whining, lying, taxing, looting, diversity celebrations, Christian bashing, will all end. I don’t know the outcome, I just know it has to come.
If government *takes* my money and promises that I’ll get it back when I retire ... what is it about that you don’t understand?
Lol. Very good analogy. I predict some reporter from Fox News or the Washington Times will steal your line.
Harry Reid, in the Senate, has not allowed them to come up for a vote...
Well most will but don’t expect the Christian bashing to end. That is part of the “get rid of morality” thing that Socialists desire. If is a requirement for them to rule.
Someone should tell the Idiot in Chief that not raising the debt ceiling is not the same as default.
noob, we don’t bash social security because it has been paid into, and there are solutions to those problems—obamacare is being piled on top of the debt, PLUS it is a means to control our lives.
noobs don’t need to tell the tea party they aren’t sufficiently conservative. We have been fighting excess for years.
You are correct.
The media lies.
Obama lies.
Harry Reid lies.
Nazi Pelozi lies.
I deem thee a Troll!
(not a very good one, your handler should put you on a watch list for under-performance)
Social Security is a classic Ponzi scheme. In fact, it fits the very definition of one:
Pon·zi scheme
ˈpänzē/
noun: Ponzi scheme; plural noun: Ponzi schemes
1. a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
There is no vault of someone's money. All of "your money" and "my money" that was "paid into" Social Security is already spent. The only way it is financed is through current payroll taxes on the dwindling number of people still working, and interest on the debt.
The people who are actually collecting now are taking money from those who will never see "their money."
The three worst actors in our exploding spending are all mandatory entitlements: Medicare, Social Security, and Medicaid. Two of three are earned entitlements, Medicaid is unearned. I think there should be a distinction, because at least those collecting earned did pay something, but those programs are still destroying us as a nation fiscally. Period.
It isn't even close. Even if we zeroed out Defense spending, entitlements will destroy us.
The Sequester exempted all entitlements. So the greatest cause of our exploding debt and deficits was punted.
Medicare is the same principle, just a different program. The amount of money "paid in" is dwarfed by how much current recipients of the insurance collect in benefits (average is by a factor of 3).
That is why the only solution to save our nation is a Simpson-Bowles type of compromise involving tax and entitlement reform.
Both sides passed a budget this year. It has not gone to conference because there is fear that those on the conference committee would give away the farm.
So while the Senate finally, finally passed a budget...there still is an impasse because of the fear of getting a knife in the back by RINO’s in the House and Senate.
Your point could have been made w/ out the perjorative.
Oh yeah, using their own playbook on shoving granma down the stairs in her wheelchair .....
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