Obama Says He Cannot Guarantee Social Security Checks Will Go Out On August 3 -- CBS News
President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
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My Comment: This is not going to go well with most (if not all) Americans. By threatening to hold back benefits and pay checks .... this is going to result in an uproar that will be felt for months (if not years). Our enemies are taking notice, and for our soldiers who are fighting in Afghanistan and elsewhere .... expect more heat from the enemy as they sense weakness in Washington and its commitment to meet its obligations and promises.
What is my take .... I live in Quebec, Canada, and our political/economic direction is the opposite of what is happening in the U.S.. Most of us have always known that our problem is our debt and government spending (especially in Quebec), and our governments cannot live in the manner that we are used to .... i.e. on borrowed monies. I know that the U.S. will also have to adopt this point of view one day .... and I say better now than later. But .... this is a point of view that is not shared in Washington .... and higher taxes and uncontrollable spending is unfortunately the pathway that many in the U.S. still believe is the way to go.
Yes .... I expect the Republicans to cave in .... but the day of reckoning is still there .... and yes .... one day it will all catch up. I saw it happen in the former Soviet Union in the early 1990s, I see it in places like Greece today, and yes .... unfortunately .... I do expect to see it in the U.S. one day.
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