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Official Lies

Jim4136 Wrote: Jan 30, 2013 11:47 AM
Great minds think alike, Mr. Williams: http://www.jpattitude.com/130126.php The Social Security lie by the president was untrue in another way that you missed: replacing the IOUs in the trust fund with general obligation issues to send out SS checks would not add to the "public debt" that is resticted by the debt ceiling. The process simply replaces one kind of debt with another.

Let's expose presidential prevarication. Earlier this year, President Barack Obama warned that Social Security checks will be delayed if Congress fails to increase the government's borrowing authority by raising the debt ceiling. However, there's an issue with this warning. According to the 2012 Social Security trustees report, assets in Social Security's trust funds totaled $2.7 trillion, and Social Security expenditures totaled $773 billion. Therefore, regardless of what Congress does about the debt limit, Social Security recipients are guaranteed their checks. Just take the money from the $2.7 trillion assets held in trust.

Which is the lie, Social Security checks must be...