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Let’s Put the “We Can’t Guarantee the Checks Will Go Out” Myth to Bed, Shall We?

Once more, with feeling!

If you haven’t heard, President Obama said he couldn’t guarantee that Social Security checks would go out on August 3rd, the day after the US is projected to go past the debt ceiling and somehow default on every debt under the sun.  While some of us recognize that even after that point, the money coming IN to the Social Security Administration will still be coming in, which means the money going OUT in terms of checks will still be going out, the scare tactic is being echoed by those on the left as though its a done deal that recipients (along with recipients of veterans benefits) won’t be getting their money.  How could the mean, rich-loving Republicans do that?

Then we find out that there is plenty of tax revenue to cover the benefits:

he Daily Treasury Statement for June 30—which any American, including the president, can look up on the U.S. Treasury Department’s website at this link—says the government took in $196.994 billion in revenue during the month.

The same statement says that the government paid out $50.719 billion in Social Security benefits in June, $4.196 billion in veterans’ benefits, and $2.961 billion for other Veteran Affairs department programs.

The combined $57.876 billion that the federal government paid out for Social Security benefits, veterans’ benefits and other veterans programs during June equaled 29.4 percent of federal revenue for the month.

The only way the checks don’t get paid is if the government DECIDES not to send them out.  And we know who is in charge of the government in DC right now, no?

So, let’s do the math. The government had about $140 billion extra over what they paid out in benefits. And unless time stops, there is a very good chance the same thing could happen during July as well. So it wouldn’t be a stretch to say that there will be money to pay out those benefit checks, right?  Ding  Ding!  Ding!  We have a winner!  Now, go to the front of the line and get that Social Security check!

It will be waiting for you on August 3rd.

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2 responses to “Let’s Put the “We Can’t Guarantee the Checks Will Go Out” Myth to Bed, Shall We?

  1. hemp July 23, 2011 at 1:54 am

    Romes legions lined up behind a wall of shields that moved slowly across battlefields with a discipline that few others possessed. It will need to consume ever-growing amounts of general revenue dollars to meet its obligations–money that now pays for everything from environmental programs to highway construction to defense.

  2. hemp July 25, 2011 at 2:25 am

    – SSA Government Photo Public Domain …The biggest question on the minds of American retirees regarding the great debt ceiling debate is whether social security checks will go out August 3rd…Jane Hamsher founder of a leading progressive blog appeared Monday July 18 2011 on the to express opposition to the Social Security and Medicare benefit cuts that have been proposed during the ..In response to recent statements by politicians on both sides of the aisle that Social Security and Medicare are unsustainable nearing insolvency and should be a part of the discussion regarding cuts in government spending Hamsher responded Social Security has plenty of money it is absolutely solvent..Speaking about President Obamas statement during a CBS News interview on July 12 2011 that he could not guarantee that social security checks would go out August 3 unless the debt ceiling was raised Hamsher stated It was highly irresponsible to say that the government would not be paying might not pay out social security on August second as the President did because the government is actually obligated to pay it. .President Obama maintained that he could not guarantee payment of social security benefits in August unless Congress moved to raise the debt ceiling because funds might not be available to pay benefits.

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