Obama says he cannot guarantee Social Security checks will go out on August 3

[Ptarmigan]

Obama says he cannot guarantee Social Security checks will go out on August 3
http://www.cbsnews.com/8301-503544_162-20078789-503544.html

He knows that Social Security is drained. 

[thundley4]

Obama is telling the people that the billions of dollars taken from their checks each week are going to be siphoned off to pay for other things rather than the "Social Security" that is clearly labeled on check stubs?

[5412]

Obama says he cannot guarantee Social Security checks will go out on August 3
http://www.cbsnews.com/8301-503544_162-20078789-503544.html

He knows that Social Security is drained. 

Hi,

This is pure BS.  The first obligation is to pay the government obligations, bond holder interest is top on the list.  The government borrows from the social security trust fund every month and owes it billions.  My guess is legal scholars will have a field day with this one but it should be pretty close to the top of the list.

What Obama wants to do is scare the Republicans into backing down, which I hope like heck they do not do.

regards,
5412

[docstew]

Hi,

This is pure BS.  The first obligation is to pay the government obligations, bond holder interest is top on the list.  The government borrows from the social security trust fund every month and owes it billions.  My guess is legal scholars will have a field day with this one but it should be pretty close to the top of the list.

What Obama wants to do is scare the Republicans into backing down, which I hope like heck they do not do.

regards,
5412

It's political hostage taking, just like a few months ago when military pay was in doubt.  However, the checks come from the Treasury, not the Congress, so he can demogogue all he wants, but ultimately the Executive branch is responsible for failure to execute their duties.

[CG6468]

Social Security isn't drained - yet. It will be in about 2030, but there's plenty in it now to make payments. The bastard merely lied to the American people.

[debk]

Social Security isn't drained - yet. It will be in about 2030, but there's plenty in it now to make payments. The bastard merely lied to the American people.

I happened to see Hannity's midnight rerun show last night and he and all his guests were going nuts over Obama using this scare tactic.

Obama's using this to get retirees - particularly the much older ones - panicked. Which is just downright cruel. 

Good way to make everyone made at the Republican Congressional critters.

[CG6468]

I happened to see Hannity's midnight rerun show last night and he and all his guests were going nuts over Obama using this scare tactic.

Obama's using this to get retirees - particularly the much older ones - panicked. Which is just downright cruel. 

Good way to make everyone made at the Republican Congressional critters.

You added what I should have included, Deb. Thank you.

[rich_t]

Social Security isn't drained - yet. It will be in about 2030, but there's plenty in it now to make payments. The bastard merely lied to the American people.

The last report I heard mentioned that SS would be insolvent in 2026  IIRC.  But that number seems to float depending on which report you read.

[CG6468]

The last report I heard mentioned that SS would be insolvent in 2026  IIRC.  But that number seems to float depending on which report you read.

In any case, there is no need to insult people by lying to them about it now. Zero's just using another dimbo fear tactic.

[Janice]

Washington gets $200 billion a month, Social Security costs $50 billion a month, and Obama is threatening to starve Grandma?

President Obama told CBS News today that he "cannot guarantee that those [Social Security] 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." >>>

Obama is playing the demogogue >>> Pure and simple. He is trying to scare seniors into making panicked calls to their congressmen begging them to do whatever Obama and the Democrats want in order to keep the checks coming.

This is demogoguery of the worst sort because Obama has to know that what he is saying is false. When you and I say something we know to be false, it's called a "lie."

Clearly, it is of no matter to Obama that hiking taxes and raising the national debt limit very likely will keep millions of Americans unemployed and hobble the economy for years to come. All he has to do is scare enough voters long enough to get through the November 2012 election to get himself re-elected.

Here are the facts, as reported by MarketWatch and the Bipartisan Policy Center. You do the math:

  * The federal government receives approximately $200 billion in revenues each month.

  * Interest on the national debt in August will be approximately $29 billion.

  * Social Security will cost about $49. 2 billion.

  * Medicare and Medicaid will cost about $50 billion.

  * Active duty military pay will cost about $2.9 billion.

  * Veterans affairs programs will cost about $2.9 billion.

If you've been punching buttons on your calculator, you know that still leaves $39 billion each month.

I suppose that the SS and medicare expenses might cut into his and Moochelles travel, vacation and party funds.

So ... ah, where are the Republican commercials?