Obama’s Social Security Scare Tactics

“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.”

This quote from President Obama is scare tactics at its worst. For a President who has called for an end to demagoguery (when it’s against his own policies) he sure is good at dishing it out. The truth is – ignored by the mainstream liberal media – is that there is enough money coming into the Treasury, even on August 3rd, to send out Social Security checks. This handy chart from Goldman Sachs proves it:

James Pethokoukis from Reuters:

“there is enough cumulative money coming to pay interest, SS, Medicare and defense. Not that there wouldn’t be cash managements issues.”

August 3rd is not the beginning of “Armageddon” as the President, his Treasury Secretary and many in his party like to claim. Debt payments are not due until the 15th of the month, and by then it appears the Treasury will have collected more than enough revenue to make those payments along with all the other essential payments that the left likes to claim will not happen.

For the sake of argument though, let’s suppose that there is a shortfall on August 3rd. The Treasury currently has a balance of $74 billion. So even if there is a shortfall (in 2010 the Treasury had $5-$10 billion in revenue by August 3rd), the Treasury can draw from its current balance.

The constant fear-mongering from this White House stands in stark contrast to their hope and change rhetoric. It is just an attempt by the President and the left to raise taxes on job creators in order to pay for greater spending. Current projects don’t show our unemployment level dropping to pre-recession levels until at least 2014, so even raising taxes in 2013 – as the President admitted he would do – will undercut our fragile recovery.

The fact is that spending is the problem. President Obama, Nancy Pelosi and Harry Reid can claim the rich pay too little all they want, but no amount of tax increases will make up for the lavish spending habits of the Washington Establishment, made far worse since 2009.

Please Share Your Thoughts

10 thoughts on “Obama’s Social Security Scare Tactics

  1. I think this president is tyring to end America as we now it. I can not believe the people of this country are so blind to whats going on. Obama’s ties to creeps like Soros and his other band of goons. For Obama to make a comment “He not sure if the Social Security checks will go out ” like they would he should be impeached for that comment alone. The U S people need to wake up fast before we are SCREWED FOR GOOD

    • Lol, we are already screwed and mainly because of ignorant, blind americans like yourself that always yourself to be manipulated by the media which is owned by corporations, who also owned our government…kinda like the tv show “Are you smarter than a 5th grader” not many Americans are and obviously your among them them. Research not only what the media and the government throws out there but dig deeper, actually educating yourself about how the system really works and who’s really in charge!

    • I agree with Brian. Please explain to me how Social Security and Medicare are “Entitlements”??
      When all of the recipients of these two programs have worked for many years, paid into both programs with the employer matching contributions, And this person acts like it is a gift of the government., which by the way is funded by taxpayers. Infuriating, to say the least.

  2. I do not care for OBama and the other liberals and their give away programs, but I do believe not only do they need to do away with a lot of the give away programs, but they do need to close off the damn holes in the tax system when a company makes billions why do they not pay any taxes? Both damn parties have given away billions to keep themselves in office with no regard for the will happen to our country!

  3. The american people need to vote out the whole dam bunch from the president on down both partys need to go we need to take our country back from them they dont give a dam about the people they need to go and join wenner wagging his wenner

  4. Again.. Proving Obama’s warning is nothing but a pointless scare tactic… Not nice to lie Mr. President.The American people are smarter than you think.

    • OBAMA “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.”

      OBAMA SHOULD BE IMPEACHED FOR TERRORIZING PEOPLE WHO ARE ON SOCIAL SECURITY BENEFIT. THIS IS NOT GOV. MONEY IT IS EARNED BY PEOPLE WHO RECIVE SOCIAL SECURITY BENEFIT, THEY WORK HARD FOR IT. I DO BELIVE HE SHOULD BE IMPEACHED FOR TERRORIZING DISABLE, VET, SENIOR CITIZ.. WHO WORK HARD FOR THERE RETIREMENT. THIS IS NOT A JOKE …HIS SPEECH AS A UNITED STATE OF AMERICA PRESIDENT IS A CRIME TO SCARE PEOPLE WHO ARE ENTITLED FOR SOCIAL SECURITY BENEFIT. WHY NOT GIVE HIS OWN SALARY, AND MILLIONES OF DOLLARS BOOK SELL IN HIS ACCOUNT. IT IS A CRIME TO TERRORIZED PEOPLE WITH THERE OWN MONEY, JUST BECAUSE HE HE A PRESIDENT. HE IS NOT ABOVE A LAW!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  5. Pingback: Wait, When Did We Solve the Debt Crisis? « Grand Rants

  6. I AGREE OBAMA SHOULD BE IMPEACHEAD FOR TERRORIZING THE AMERICAN PEOPLE. THE ELDERLY. FIEST. HE IS NOT ABOVE THE LAW, ANI I WILL NEVER VOTE FOR GARBAGE AGAIN. WE SHOULD CHARGE HIM FOR WHAT HE IS DOING TO THE PEOPLE OF AMERICA WITH HIS MOUTH ALONE. WE COULD TELL HE WAS NOT BORN IN THE USA

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