We’re hearing a lot about the debt ceiling lately, but could it hit home for America’s retirees?
Some say benefits are on the chopping block if a deal isn’t reached regarding the debt ceiling.
The debt ceiling is a limit on the amount of debt that the United States government can incur. If the debt ceiling is not raised, the government may not be able to meet all of its financial obligations. This includes paying Social Security benefits.
Ultimately, the debt ceiling can have a significant impact on the financial security of Social Security beneficiaries and the overall stability of the program.
While some say that raising the ceiling is a must, this isn’t a complete solution. If the government inflates away its deficit, the buying power of currency will decrease. This is what seniors have experienced this year as their record 8.7 percent cost-of-living adjustment (COLA) fell short, despite being the highest in 40 years.
Let’s make sure to protect Social Security, regardless of the debt ceiling dilemma. After all, seniors have earned these benefits — to secure them, sign our Social Security Lock-Box Petition.