West Tennesseans Worry about Social Security Cuts
Glenda Betterman, 64, has many pills her doctor said she needs to live. She said she can not afford them all, much less get them filled regularly. She also said all of the debt ceiling debates in Washington are making her nervous. “They want to take things from people who can’t afford to give up anymore than they already have,” added Betterman. Betterman tries to buy her food at the beginning of each month when she gets her social security check, $664. Her medicines cost $190. She is worried her fixed income will soon be used to help pay off the country’s debt. “The government gets new money from taxes every single day but that will not be enough to cover all that they are spending,” said Union University Professor Sean Evans Evans said the US Department of Treasury is prioritizing what programs they can afford to fund if they lose the ability to borrow more money after August 2. “It will pay interest on the department first to avoid an actual default, then it will spend on other things,” added Evans. Evans is confident the treasury will first protect bondholders, seniors and then defense although other programs could be lost. He said most Americans will not feel the impact right away, but will in the long term. “If we do not do anything, about our deficit everyone is going to pay more for cars, homes and taxes to try and get this under control,” added Evans. Dr. Evans agrees senior citizens will continue to collect their social security checks and their medicare will be paid, even if the country defaults. But Evans said a default on Tuesday could hurt the country’s chances of borrowing money again in the future.