As the United States experiences a number of economic problems related to inflation and the damage done by pandemic shutdowns, another issue looms.

But this one has been brewing for decades and has been exacerbated by our current circumstances.

The debt limit, or debt ceiling, is a problem that must be managed carefully. While spending should be cut, some worry that not raising the ceiling will result in many people being shorted on benefits they need and deserve – like Social Security benefits for example.

U.S. Treasury Secretary Janet Yellen said:

“The first is the debt limit. I cannot overstate how critical it is that Congress address this issue. America
must pay its bills on time and in full. If we do not, we will eviscerate our current recovery. In a matter of
days, the majority of Americans would suffer financial pain as critical payments, like Social Security
checks and military paychecks, would not reach their bank accounts, and that would likely be followed by a deep recession.”

Could the wrong decision or delayed action on the debt ceiling really spell disaster for Social Security recipients and countless others?

Is there any way to manage the potential of a coming recession, or are we just delaying the inevitable?

Here at NORA, we fight for seniors on the legislative floor. We’ll be monitoring the debt ceiling’s impact on retirees, and we’ll continue to campaign for fair yearly COLAs. To learn more, follow us on Twitter and Facebook.