Social InSecurity

If you thought that Social Security is solvent; check this out.

Factcheck.org

Some senior Democrats are claiming that Social Security does not contribute "one penny" to the federal deficit. That’s not true. The fact is, the federal government had to borrow $37 billion last year to finance Social Security, and will need to borrow more this year. The red ink is projected to total well over half a trillion dollars in the coming decade.

Factcheck.org is not exactly what you would call a Conservative website, but when it comes down to numbers, the numbers don't lie.

I thought there was a Social Security Trust Fund. We have been told on many Democrats (including Harry Reid) on multiple occasions that Social Security is solvent and doesn't need to be addressed right now. If social security were solvent then why must the government borrow money to support it? Social Security is more than just a Ponzi scheme. It's a Ponzi scheme that runs, in part, on borrowed money. Obama let the cat out of the bag and it can't be put back in.

President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.

"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.

Perhaps now that people can see the truth, that they have been given false information for a period over 30 years, they will start to pay closer attention to Washington and how it effects their lives. I wonder how open the public would have been to the idea of Social Security privatization, had they known this in 2006 when it was proposed by Bush?

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