Tags: Barack Obama | Economic- Crisis | Obama | geithner | 80 million | checks

US Sends Out More Than 80 Million Checks a Month

Wednesday, 27 Jul 2011 08:45 AM

By Newsmax Wires

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



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