President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.What happened to the vaunted Social Security Trust Fund we've heard about all these years? Isn't there a big bunch of money sitting in the "lockbox" for occasions like this?
"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," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
The Obama administration and many economists have warned of economic catastrophe if the United States does not raise the amount it is legally allowed to borrow by August 2.
Of course not. The only thing in the lockbox are IOUs from the government. That money has long ago been spent in the general fund.
Scaring old people is cowardly strategy.
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2 comments:
They do this because they know that is the way to get the seniors to urge their congressmen to go along with the President.
He is a scaremonger!
I've said this elsewhere:
Years ago there was a NATIONAL LAMPOON cover of a dog with a gun to its head, and text “Buy This Issue Or We Kill The Dog”.
Why Oh Why am I reminded of that just now?
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