Hey BG take a look at this one. It looks like some of the dummies are starting to 'smell a rat".
RegieRocker (1000+ posts) Sat Jul-16-11 12:25 AM
Original message
What Happened to the $2.6 Trillion Social Security Trust Fund?
Here’s how President Barack Obama answered CBS’s Scott Pelley’s question about whether he could guarantee that Social Security checks would go out on August 3, the day after the government is supposed to reach its debt limit: “I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue. Because there may simply not be the money in the coffers to do it.â€
And Treasury Secretary Timothy Geithner echoed the president on CBS’s Face the Nation Sunday implying that if a budget deal isn’t reached by August 2, seniors might not get their Social Security checks.
Well, either Obama and Geithner are lying to us now, or they and all defenders of the Social Security status quo have been lying to us for decades. It must be one or the other.
Read more here
http://blogs.forbes.com/merrillmatthews/2011/07/13/what...
Refresh | +17 Recommendations
Oh my goodness as Little Orphan Annie might say.
SDuderstadt (1000+ posts) Sat Jul-16-11 12:27 AM
Response to Original message
1. "either Obama and Geithner are lying to us now"
It's invested in treasury securities. You need to understand how our government's cashflow works.
Sounds like the classic: "Were you lying to me then or now?" from my vantage point.
Enthusiast (1000+ posts) Sat Jul-16-11 06:06 AM
Response to Reply #13
37. Obama's big idea was a FICA tax holiday.
This was part of the bill (backroom deal) that extended the Bush tax cuts. As if this tiny addition to a pay check would stimulate the economy. So, if allowing the Bush tax cuts to continue didn't undermine social security and medicare enough Obama decided to also cut social security's dedicated funding mechanism. Why would a Democratic president propose anything that would UNDERMINE social security? Oh, if that wasn't enough, now Obama has proposed another additional cut in social security's funding, this time on the employer side. This is just beyond belief!
Why is our Democratic president the enemy of social security?
And Obie better get out in front of this $ball in a hurry 'cause the dump is starting to wise up about a "FICA Tax Holiday" being hazardous to the "Trust Fund" health. A more cynical man might even compare this action to the Gingridge comment "Let it wither on the vine".
dkf (1000+ posts) Sat Jul-16-11 02:03 AM
Response to Original message
14. Ha! Finally people get it. There is no money in the SS fund. It's all ious.
Sounds like a
Truth to Power argument to me.
Enthusiast (1000+ posts) Sat Jul-16-11 06:09 AM
Response to Reply #14
38. I hate reading right wing talking points on DU.
I can not fathom why Skinner has not tombstoned you.
Show me the money!! Whattttttttt? No cash, just IOU's?? Rut Roh. Dummies are seeing a light at the end of the tunnel.
Truth to Power be damned, serve that guy some qranite post haste.
Oh this is rich. Enjoy.
