Social Security is a matter of law, policy, opinion, and even fairness.

While there is some debate as to what each of these terms means, one concept that cannot be circumvented is the iron law of economics. As debt ceiling talks heat up, there are rumors that Social Security could be on the chopping block very soon.

We’ve touched on this topic before. We, along with several economic experts, predicted this dilemma would come. The problem is there’s simply no easy way out.

Default could cause payments to cease going out, or get slashed before going out. But continuing to rack up debt is no solution. This would diminish the purchasing power of the dollar further, as the Federal Reserve prints money to cover the deficit. We’re already seeing this in motion now — as even 2023’s record cost-of-living adjustment (COLA) isn’t making much of a dent in today’s prices. This is especially true when you compare it to 2022’s COLA, which was less.

We want to know your thoughts on the debt ceiling and Social Security. Will the debt ceiling disaster fall on the shoulders of seniors, and force them to take benefit cuts?

Share your thoughts, then follow us on Facebook and Twitter.