US Sends Out More Than 80 Million Checks a Month

Wednesday, 27 Jul 2011 08:45 AM

By Newsmax Wires

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
President Barack Obama undershot the total when he observed recently that the federal government sends out 70 million checks a month. The tally actually is 80 million, Treasury Secretary Timothy Geithner acknowledged this week, according to The Washington Post.

Despite the dueling check tallies — actually, most are electronic checks rather than paper ones — Obama and Geithner were striving to make the same point: Shutting off the federal payment spigot if the nation defaults on its debts will leave a lot of people high and dry.

Editor’s Note: Economic Meltdown to Unravel in 2012. See the Disturbing Charts



The figures are not only boggling but also still too low, the Post reported.

“The figures used by Obama and Geithner were, if anything, too low. They relied on Treasury Department figures from June that include Social Security (56 million checks that month), veterans benefits (4.5 million checks), and spending on non-defense contractors and vendors (1.8 million checks),” the Post noted.
“But those numbers do not include reimbursements to Medicare providers and vendors (100 million claims in June), and electronic transfers to the 21 million households receiving food stamps.”

The Post quotes Bill Frenzel, a former Republican congressman from Minnesota who is at the Brookings Institution, as saying that the numbers are hard to grasp.

“It tells you what the government can do for people and reassures you, and on the other hand, it scares the hell out of you because we do so many things,” Frenzel said. “If you’re a compassionate liberal, you say, ‘Isn’t it wonderful we’re helping everybody,’ and if you’re a constitutional conservative, you say: ‘How did the government get into all these things? I don’t see these things in the Constitution; it’s bewildering, get rid of it.’ ”

Editor’s Note: Economic Meltdown to Unravel in 2012. See the Disturbing Charts



© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Staples: Customer Data Exposed in Security Breach

Friday, 19 Dec 2014 18:01 PM

Staples Inc. says nearly 1.2 million customer payment cards may have been exposed during a security breach earlier this  . . .

Obama to Block Exports of Goods, Technology, Services to Crimea

Friday, 19 Dec 2014 17:29 PM

President Barack Obama on Friday said he would ban exports of goods, technology or services to Ukraine's Crimea region,  . . .

Obama Called Only on Female Reporters at Year-End Presser

Friday, 19 Dec 2014 16:21 PM

President Barack Obama took questions only from women reporters at his year-end press conference on Friday , eight of th . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved