How the Debt Ceiling Could Affect You
By Hunter Woody
You may find yourself asking, how will the debt ceiling affect me? Well if you are on this site, you are most likely a Veteran and you may receive Veterans benefits or Social Security benefits.
If this impasse between the Democrats and Republicans doesn’t get resolved, it will affect millions of people. For an example, in Social Security benefits alone, the Government is due to pay out $23 billion in benefits on August 3rd and if an agreement isn’t reached, these may not be paid.
There could also be a $6.3 billion shortfall for Veterans’ care. A little more than half of the Veterans Administration’s budget consists of disability compensation and pension for Veterans. The remainder includes providing healthcare to more than 6 million patients, funding for education, training and employment programs to help with the high unemployment and homeless rate amongst Veterans. If the debt ceiling isn’t raised, all of these programs are at risk and would have an enormous affect on those involved.
Many of the people that receive these benefits depend on them and may not be able to afford to make it to their next month’s rent without these payments. A large number of Social Security and SSI recipients have little or no other income than their benefits and the same goes for those receiving disability compensation from the VA. Individuals receiving education benefits from the VA may not have the money to continue their education….
What are these folks expected to do?
This all stems from the stubbornness and incompetence that arises in political parties bickering. Should you all pay the price for their inefficiencies?
I don’t think so and I doubt any of you do either!
Check out our site at VetSupportNow.com
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Short URL: http://www.veteransnewsnow.com/?p=129684
Posted by Editor on Jul 25 2011, With 0 Reads, Filed under Business, Editors' Picks, Investing & Finance, Life, Personal Finance, Small Business. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.