After Treasury Secretary Timothy Geithner has announced that the US legal debt limit had hit of $14.3 trillion on Monday, beneficiaries of Social Security insurance can expect delay on pay checks.
The Social Security Administration (SSA) expects to encounter difficulty in meeting obligations to pay monthly allowance to beneficiaries. The SS retirement and Medicare program have reached huge budget deficit this May.
According to Geithner's report, should Congress fail to raise the US debt limit by Monday, the Social Security Administration can no longer borrow money to meet its obligations. This can result to delayed payments on benefits and approval of disability claims. Needless to say, it marks the downfall of U.S. Social Security.
Moreover, Geithner stated that Social Security's retirement fund will be exhausted by 2036, and the Medicare trust fund by 2024. The warning is more of an ultimatum on Congress inaction to resolve the fiscal deficit.
Legislators have only three days left to cast their solutions on the deteriorating economy. It will be just a couple of more hours left to say that Social Security can no longer sustain its programs. It is just minutes away from the reality of vague hope for US economic recovery.
Will Social Security beneficiaries still receive pay checks?
Perhaps, until all the money from the Social Security fund is exhausted. It's like last supper at the dusk of the US troubled economy.
For more information on Social Security retirement claims, you can consult with a lawyer in Los Angeles to help you. You may dial 1-866-772-2889 toll free, or email at info@mesriani.com for free case analysis.
The Social Security Administration (SSA) expects to encounter difficulty in meeting obligations to pay monthly allowance to beneficiaries. The SS retirement and Medicare program have reached huge budget deficit this May.
According to Geithner's report, should Congress fail to raise the US debt limit by Monday, the Social Security Administration can no longer borrow money to meet its obligations. This can result to delayed payments on benefits and approval of disability claims. Needless to say, it marks the downfall of U.S. Social Security.
Moreover, Geithner stated that Social Security's retirement fund will be exhausted by 2036, and the Medicare trust fund by 2024. The warning is more of an ultimatum on Congress inaction to resolve the fiscal deficit.
Legislators have only three days left to cast their solutions on the deteriorating economy. It will be just a couple of more hours left to say that Social Security can no longer sustain its programs. It is just minutes away from the reality of vague hope for US economic recovery.
Will Social Security beneficiaries still receive pay checks?
Perhaps, until all the money from the Social Security fund is exhausted. It's like last supper at the dusk of the US troubled economy.
For more information on Social Security retirement claims, you can consult with a lawyer in Los Angeles to help you. You may dial 1-866-772-2889 toll free, or email at info@mesriani.com for free case analysis.
