Thursday, October 3, 2013

Obama's Fatal Mistake on Social Security

In a speech in Rockville, Maryland today, President Barack Obama blew up the Democrat’s social-security “third rail” in eighteen words.  Usually, Obama’s gaffes come off-the-cuff. Today’s remarks were, however, prepared; namely:

“In a government shutdown, Social Security checks still go out on time. In an economic shutdown — if we don’t raise the debt ceiling — they don’t go out on time.

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  1. Is the SS Trust Fund broke? There would be no logical reason why SS checks cannot go out if it has the funds that we have all been told it has. We were last told it can fund SS checks through 2033. POTUS seems to be indicating, no it cannot because there is nothing in the Trust Fund. POTUS is saying we need to raise the national debt limit in order to fund SS checks. Issuing SS checks should have nothing to do with raising the national debt limit. What am I missing here?

  2. The Social Security Trust Fund cannot go broke as long as the government has the power to cover any shortfall by raising taxes or lowering benefits, which out to happen if the productivity does not jump (in the Chinese style.)