Connect with us

Hi, what are you looking for?

Finance

Social Security Payments will NOT Stop!

The Social Security payments including the beneficiaries of Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) benefits will still have available checks in the event of a government shutdown.

Social Security Payments

In a report by David Wessel, Senior fellow in economic studies at the Brookings Institution said that the Social Security payments and benefits are included to those who would continue to be paid even during the government shutdown because they are authorized by Congress in laws that don’t need annual approval.

In a report by Krem2, the social security payments and medicare fall in the category of mandatory spending rather than the discretionary spending according to the U.S Treasury Department. During the government shutdown, Mandatory spending programs will continue to function.

Mandatory spending such as social security payments is also authorized for multiple years or permanently while discretionary spending must be appropriated every year according to the CRFB. The Social Security Act requires the government to provide social security payments to the program’s beneficiaries.

Read Also: Places In Arizona You Should Avoid

In a report published by CNN, the Social Security payments were primarily financed through a dedicated payroll tax, and any income the taxes would generate into trust funds that would be reserved for future Social Security payments according to the Social Security Administration (SSA) those are the funds that are not expected to be depleted until 2033.

Even though the social security payments will still be benefits on time, the government shutdown could still cause issues for other aspects of the program.

According to the CRFB, this might prevent the program from verifying applicants’ eligibility for benefits and from issuing any new Social Security cards.

Advertisement. Scroll to continue reading.

During a government shutdown, many programs and services are also interrupted. Wessel says that despite a 2019 legislation guaranteeing they will be paid retroactively when the shutdown ends, many government employees are being advised not to report for work.

The government employees who provide essential services such as air traffic control and law enforcement will have to continue to work without pay until Congress ends the shutdown. The shutdowns will also lead to delays in processing the passports, small business loans or government benefits, shuttered visitor centers, and fewer food safety inspections.

Read Also: Oil Prices’ Rise Should Be Expected As Inventories Continue To Decrease

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Crime

A convicted felon in California was arrested after he tortured and hostage two women and staged it as burglary. Convicted Felon Tortured and Kidnapped...

Finance

The application for the program, Rise Up Cambridge, in Massachusetts will begin on June 1 and will end on July 31 and qualified residents...

Crime

Police authorities arrested a man in Oklahoma after he was accused of raping and killing his 18-year-old graduate who was about to graduate from...

Us News

News from Springfield, Illinois is that a bill that would require public restrooms in Illinois to be available to both genders is coming under...