If you’re old enough, maybe you’ll remember this…
I think of it every time time a politician threatens to lay off police and firemen if they have to cut the budget, or we’re told how many poor children will be thrown on the street without a tax increase, etc.
The latest not-so-subtle threat to punish the innocent to extract financing for the guilty came last week when our Community Organizer-in-Chief ominously stated that he could not guarantee that Social Security checks would go out if the House Republicans refused to raise the debt ceiling on his terms. In other words, “raise taxes or we’ll starve these senior citizens.”
The federal government will receive about $200 billion in funds in August without borrowing. So Obama and Treasury Secretary Geithner apparently plan to send money for ethanol subsidies, welfare recipients, Planned Parenthood, high-speed rail, and myriad other hogs at the public trough; instead of to seniors depending on Social Security and members of the armed services.
Naturally, Republicans will be blamed. No news there.
The interesting part is that, as I’ve mentioned before, if you stick around long enough, liberals will always tell you the truth. On accident.
For years, some people (including me) have maintained that the Social Security “funds” consist of worthless I.O.U.’s that the federal government wrote as they stole the money. This always brings indignant accusations of needlessly scaring seniors and sanctimonious proclamations as to the rock solid safety of those notes.
The official Social Security web site even states:
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... The special-issue securities are, therefore, just as safe as U.S. Savings Bonds or other financial instruments of the Federal government.
Well, my goodness. The full faith and credit of the U.S. Government means those will always get paid before any other obligations (just like the debt we’re being told we’ll default on).
So here’s what the question I’d like answered:
Mr. President, when you indicated that Social Security checks may not go out simply in deference to your preferred constituents, was that
A) just a cynical lie to scare people into supporting more borrowing in our continued rush towards complete fiscal insolvency, or
B) an official admission that the Social Security funds actually are insolvent and that “the full faith and credit of the U.S. Government” is meaningless?
It was a trick question. The correct answer is:
C) Both of the above.