As the Treasury Department prepares to hit the swiftly-approaching debt limit with no agreement to lift it in sight, fears are growing that the government might opt to skip the next round of Social Security payments, HuffPo reports..
Experts warn that the program is such a vital source of support for so many low-income and elderly Americans that even one delayed payment could trigger a domino effect, sending millions of households into delinquency on a broad range of bills.
"What we are talking about here," said Joan Entmacher, vice president for family economic security at the National Women's Law Center, "is not the financial markets -- not that they are not important -- but the very ability of millions of Americans to buy food, pay their utility bills, their rent or mortgage and to generally function."
If Social Security payments don't come, Entmacher said, "there are a whole series of very serious, deeply frightening consequences that could, and very likely would, follow…"
There are about 54.8 million Americans who receive some form of Social Security benefits each month, according to government data. Most payments are made to retirees, disabled individuals and certain dependent children and adults. For a substantial share of the people who receive Social Security benefits, that income is essential. About 40 percent of all unmarried individuals who receive social security benefits rely on the program for at least 90 percent of their income,…
Read more at http://www.huffingtonpost.com/2011/07/29/delayed-social-security-payments-debt-default_n_912763.html
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