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Obama’s Social Security Threat

Obama’s Social Security Threat

by Michael Hackmer / Tuesday, July 12, 2011 / Published in Social Security
Social Security Card - John Q Public

On Tuesday, in response to the on-going debate around raising the debt ceiling, President Obama said, “I cannot guarantee that [Social Security] 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.”

In my view there is something fundamentaly wrong with this statement.

Social Security is self-funded, and is a mandated item in the budget, not a discretionary spending item. How can there not be money in the Treasury to cover Social Security payments?

The government takes in over $1 trillion in individual and corporate income taxes in additional to taxes to fund Social Security, and other revenue sources. Interest on the national debt is $240 billion.

Either President Obama is committing a “grand lie” or there is something more serious going on in Washington, DC than we have been told.

Mr. Obama’s statement was made in an interview with CBS Evening News anchor Scott Pelley and can be read here.

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About Michael Hackmer

Michael Hackmer is an American businessman and Chairman of the Reform Party of Virginia. Hackmer is currently the CEO of Social Web Tactics. He also has been a delegate to the Reform Party National Convention, and been a member of the Reform Party National Committee.

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REFORM PARTY OF VIRGINIA

The Reform Party is a centrist, independent, and solutions-oriented political party, committed to best representing the needs of the American people.

We were founded by independent voters (the largest voting bloc in America), and remain the only political party in America to successfully change policy direction in Washington, DC, and across state capitals.

We are committed to building a strong organization, ending the corrupt two-party system, and restoring power to the people.

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