President Joe Biden is being warned that benefit payments for Americans could be cut by 24 percent if changes are not made to the Social Security system.
questions about the credit worthiness of the u.s. government and treasury bonds are in question, the bedrock of the global financial system, and social security payment goes out, things like that, so the threat here is very severe, and the threat is one of actually seismic economic and financial challenges, and the question is who blinks and when, and how they have kinds of a face-saving way to blink while not admitting that. the truth is, you know, the money has already been spent. the money has been allocated, the social security has been what it is, the defense spending has been appropriated. the question is, do you pass the thing that enables the debt issuance to match what is authorized and that is what it comes down through, through the spring summer and that s when it hits the end of the extraordinary measures that the treasury is doing to postpone the date of reckoning. kay la, let s pull out and talk about the broader economic climate.
meaningfully without tackling the mandatory spending or what some call entitlement. is that a fairway of looking at our spending crisis? you got it. man. kind of a double wo whammy, social security is going insolvent in 11 years. at this point only the amount paid in can go out. and under current law, beneficiaries will get 25% cut in their social security payment. now, not only is this going to drive our debt and deficit, but it will will under current law result in beneficiaries getting 25% less, we have to change that and strengthen social second