Obama: All that money Seniors paid into SS all these years, is gone
Finally, the President of the United States has admitted what conservatives have known for years: All the stories about the money you paid into Social Security being put into an account with your name on it to wait for you, were lies. The money is gone.
Obama told a CBS News reporter today:
"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.
If there were any senior citizens (or younger citizens for that matter) who were still clinging to the fond belief that government could be trusted to take care of them in their old age, I hope they are listening.
The Federal govt had something they called a "Social Security Trust Fund". It supposedly held the money you paid in. Well, now we know it was misnamed: all the money is gone.
Even if government manages to duck the present bullet and somehow borrow even more money to pay these seniors with, the same problem is likely to come up next week. Or next month. And sooner or later, THE GOVERNMENT WILL EXHAUST ITS CREDIT, AND NOT BE ABLE TO BORROW ANY MORE.
And when that happens, seniors now know who the President will cut off first.
"The social contract exists so that everyone doesn’t have to squat in the dust holding a spear to protect his woman and his meat all day every day. It does not exist so that the government can take your spear, your meat, and your woman because it knows better what to do with them." - Instapundit.com
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Originally Posted by Little-Acorn
