Posted on 07/14/2011 7:11:01 AM PDT by bestintxas
President Obama said yesterday, "I cannot guarantee that [Social Security] checks go out on August 3rd, if we haven't resolved this [debt ceiling] issue. Because there may simply not be the money in the coffers to do it."
We've been told by Democrats and liberal economists that the Social Security Trust Fund exists.
The official Social Security Administration website claims, "By law, income to the trust funds must be invested, on a daily basis, in securities guaranteed as to both principal and interest by the Federal government," and, "Far from being 'worthless IOUs,' the investments held by the trust funds are backed by the full faith and credit of the U. S. Government."
Let's ignore, for the moment, the president's many options, such as cutting payments to his cronies and government bureaucrats. Instead of starving grandma, why doesn't President Obama just tap into the Social Security Trust Fund like he recently tapped into the oil reserves?
You mean to tell me, the Social Security Trust Fund doesn't really exist? I'm shocked!
(Excerpt) Read more at community.history.com ...
The lockbox is there!
Right beside all the gold in Ft Knox....
ML/NJ
I heard we are in debt just to ss by 60 trillion. People have no idea how bad it is.
"If the Social Security Administration takes in $45 billion a month, why won't Obama be able to pay out the $23 billion owed to Social Security recipients from the Trust Fund in August?"
http://www.ssa.gov/oact/progdata/taxquery.html
Rude questions you can ask your Lefty associates & family.
Rude questions the Obama-loving media will NEVER ask...
the problem is that the “holdings” of the trust are not registered securities, and the interest they generate is well below market level.
No investor is able to buy them, nor would they if they could.
How do you think they can turn one of the special SS bonds into cash?
If the Strategic Petroleum Reserve were operated the same way, the oil would initially barely partially fill it, then it would be opened and drained, and then forever after, till today and presumably beyond, it would be in a constant state of minimal filling, with that oil quickly drained just as fast. Through-out the years, the capacity would be constantly be expanded... though never ever nearing any more than a pittance of its filling. This is called a “Locked Petroleum Reserve”. Note, its strategic.
But if they are backed by the full faith and credit of the Federal Government, what is the problem?
I wouldn’t put too much trust in the gold stash the gubmint supposedly stored at Fort Knox either.
Even if they release photos of piles and piles of gold bars behind securiy measures, I’d only trust if Palin/West/and-or others that showed integrity swears it is there.
They do not earn enough interest.
Everyone else that lends money to the US Government gets paid a higher interest rate than the SS trust. And they (all other lenders) get marketable securities.
Obama basically told ALL AMERICANS that the SS TRUST FUND, aka SS lockbox, DOES NOT EXIST.......................The cat’s out of the bag....................
The truth of the matter is our counted debt is 14.3 trillion dollars; to put it into perspective in the 80’s it was 1 trillion. Some items are not counted in that debt items like Social Security, Medicaid, Medicare and the Freddie Mac, Fanny Mae debt. By the numbers that debt is SS= 7.7 trillion, Medicaid, Medicare = 38.2 trillion, Freddie and Fanny = 5 trillion. Our total debt is really 50 trillion or more than 4 times the GNP. Maybe it is time to stop spending.
Then ask him, “why would you knowingly hurt the economy by raising the debt ceiling and getting our country in further debt. Right now 40% of the people pay no taxes & the top pay. (?%) Is it your intention to get more people dependent on entitlements so they are relying on politicians for there basic needs? I agree with WT that you are purposely trying to control people. If our leaders just started to speak the truth, instead of tip-toeing around obvious facts, we can get somewhere. I still wonder if o is blackmailing them with something we know nothing about.
I heard we are in debt just to ss by 60 trillion. People have no idea how bad it is.
A three-quarter-million-dollar mortgage for every family of four.
Does anyone believe that it wil EVER be repaid?
Rude questions the Obama-loving media will NEVER ask...
The national socialist media is only here to stand between their left-wing comrades and the truth being told to the American people. They know they have to “appear” to be unbiased, so they throw a few bones our way, but they know there job and do it the best they can: Keep the American people busy with lady gaga, Casey Anthony ...when Obama/Holder/....are illegally sending guns to Mexico/Nicaragua and who knows where else. They have been and are stealing our money, breaking laws left and right and NO ONE is holding there feet to the fire because the media are paper tigers. If anyone dares to speak the truth (Sarah) they destroy them. These people don’t care about the truth. There job is not reporting the facts or the truth. It’s giving power to the left until they can either convert all people to their leftist thinking or take out the right at any cost. They imbedded these people into important positions over the years to help the left turn our country into a commie country. They followed the handbook point by point. Control the schools, media, ....
I failed to mention something else. Until we on the right are willing, in huge number, to boycott abc, cbs, nbc, cnn,....cable tv, they will have power. Look what has happened to print media. We could do the same thing if rich conservatives put there money into giving us other options.
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