Failure to approve a budget is different than hitting the government’s debt ceiling
Relax. Your monthly Social Security checks are not in danger because of the looming federal government shutdown.
A government shutdown, in contrast, the prospect of which we’re facing now, would not have the same impact, for two main reasons. Steve Robinson, the chief economist for The Concord Coalition, said in an email that “I think the SS checks are safe — just like during all the previous shutdowns.” The Concord Coalition describes itself as “a nonpartisan organization dedicated to educating the public and finding common sense solutions to our nation’s fiscal policy challenges.”
To illustrate my point, consider the Vanguard Treasury Money Market Fund, one of the largest government-only money-market funds with $58.3 billion in assets. According to Vanguard, 94.4% of the fund’s assets are invested in U.S. Treasury bills, 2.2% in other U.S. government bonds, 3.5% in repurchase agreements—and hardly any in cash. Yet I’m not aware of anyone alleging that this money-market fund is broke because the federal government took all the fund’s money and has long since spent it.
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