Kevin McCarthy, Speaker of the House of Representatives, and President Joe Biden are still at an impasse when it comes to the decision of raising the National Debt Ceiling. June 1, 2023, is the current deadline for a decision to be made or the United States of America goes into default on its debt.
If the United States cannot pay its debt many economic issues will arise. Senior citizens, however, maybe the first to feel the angst of this political misfire. The Treasury Department may not have enough funds to satisfy the nation’s obligations, including social security benefits.
Although in recent days, according to CNN, some progress has been made, the nation’s economic status on this global platform is still at risk.
June 2, 2023, is the day that about 25 billion dollars of social security benefits are scheduled to roll out in this country. These initial funds mainly go to the 66 million retirees, disabled individuals and others in this program that began receiving their personal checks before May 1997. The following payment dates are June 14, June 21, and June 28, 2023. The payment dates for social security are organized by the day of the month the individual was born. The amount for these payments in total each week is about the same as the first payments- 25 billion dollars. Notably, the average benefit for retired workers is $1,827 a month in 2023.
Max Richtman, president and CEO of the National Committee to Preserve Social Security and Medicare, stated, “A lot of people in Washington are not that in tune with what this could mean,” he said. “If you depend on your Social Security for most of your living expenses, you’re not going to be able to pay your rent, buy your food, pay your utilities, the basics … pay out-of-pocket health care costs that may come up.”
The resolution is needed immediately for all to receive their social security monies in a timely fashion. Many Americans live pay to pay and depend on this income for their livelihood. To clarify, these monies are not “handouts’ from the American government. These are monies people have worked for and contributed to within our economic system of government.
In addition, payments may be delayed to federal workers, our military, Medicare providers, and federal grants to states and municipalities for Medicaid, highways, and education. The crisis of the results following an impasse on this issue is far too reaching to list.