Social Security, Medicare could cause economic meltdown

Jason O'Day  |  August 12, 2019

“… According to the Federal Accounting Standards Advisory Board, ‘Until benefits become due and payable, there is no binding commitment over which a worker has control and so no liability can be recognized.’ That probably sounds like Latin to most people, but what it means is that the government does not acknowledge its obligations to pay Social Security benefits beyond the checks it has to write for the current month.”

Read the full article on: Patch

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