The average benefit for retired workers is $1,827 a month in 2023. Many senior citizens are already growing worried, especially in the past week or so as the deadline grows closer, advocates say.Īlmost two-thirds of beneficiaries rely on Social Security for half of their income, and for 40% of recipients, the payments constitute at least 90% of their income, according to the National Committee to Preserve Social Security and Medicare. Here’s how we know a US default would be an economic disasterīut if the debt ceiling impasse is not resolved, those benefits could be delayed, along with paychecks to federal workers and the military, payments to Medicare providers, and federal grants to states and municipalities for Medicaid, highways, education and more.If US defaults on its debt, Treasury would have to decide how to pay the bills.How the 14th Amendment factors into the debt ceiling debate.Five ways a debt default could affect you.
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