The National Debt Could Spell Trouble for Social Security
In the past year, we have seen economic recovery as well as new challenges. We have experienced hope and optimism as well as fear and loss as our economy has gone through a series of ups and downs. While none of us can say what the future holds, we do know that the National Debt is a serious problem that could make life much more challenging for many older Americans.
Recently, United States Secretary of the Treasury Janet L. Yellen testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. In her official statement, she spoke of the dangers of debt spiraling out of control. Excessive debt, she warned, could lead to a financial disaster preventing Social Security checks and military payments from getting into the hands of those who need them.
On December 15th, Congress passed new legislation raising the statutory debt limit by $2.5 trillion. This change is expected to fund federal borrowing into 2023. This change will raise the debt ceiling to nearly $31.4 trillion. The problem is that rising inflation and continued spending pose a real threat to many Americans. Social Security recipients already struggle, and something more has to change. Learn more about the impact of the National Debt here.
We are dedicated to giving back to those who gave the most — The Greatest Generation. That is why we are working to improve Social Security benefits for many older Americans. Learn more about how new legislation we call The Greatest Generation Benefits Act can help here. Follow us on Facebook and Twitter for up-to-date information.