Bachus discusses Social Security, health care (5)
TUSCALOOSA | “Social Security could face default within two years,” U.S. Rep. Spencer Bachus predicted here Tuesday. “The situation is much worse than people realize, especially because of the problems brought on by the recession, near depression.
“That’s not been on the board — people don’t seem to know that,” Bachus, the ranking member of the House Committee on Financial Services, said in a wide-ranging interview with the Tuscaloosa News Editorial Board. “What this recession has done to Social Security is pretty alarming.
“We’ve known for 15 years that we were going to have to make adjustment to Social Security, but we still through that was seven or eight years down the road,” he said. “But if things don’t improve very quickly, we’re going to be dealing with that problem before we know it.”
The solvency of Social Security, which provides pensions for people over 65, has not played a major role in the current debate over health care in Congress and Bachus, a Vestavia Hills Republican who represents part of Tuscaloosa County, said it will not likely be addressed in any health care bill the House eventually passes, although if a Social Security bail out is needed, it will invariably impact government health care programs.
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Updates:
9:09 am EDT, August 19th, 2009 — Outbursts at Frank’s Town Hall meeting
9:23 am EDT, August 19th, 2009 — Slipping into quicksand
12:12 pm EDT, August 19th, 2009 — The Ugly Truth of Obamacare
12:21 pm EDT, August 19th, 2009 — Obama Rethinking Health Care Pitch
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Male, retired and the rest is of little interest to anyone. The site keeps me busy and if it helps others to stay abreast of daily events then my time is well spent.
Wayne Says:
At least a couple of other shoes to drop also. Commercial and personal credit have yet to hit the wall in a big way.
Posted on August 19th, 2009 at 8:51 pm