The man is a liar, and although I have great respect for the office and have in the past exclusively “attacked” his policies, I have to wonder if the man himself is a bit of a delusional nut who thinks he’s got – in this example – seniors and others on Social Security “in the bag.”
Vicevich had the audio yesterday morning I think, but here is the quote as released by CBS News. (Video below.)
“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.
In other words, come Aug. 3, President Obama wants you to think the government will have no money and will not be able to write any checks. This is a total and complete lie.
Without a doubt, we are spending a lot more money than the federal government takes in. That of course is what we refer to as the monthly or yearly deficit. The total accumulated amount over the months and years is what is referred to as the national debt.
Note the last two words in the first sentence – takes in. The president seems to be under the assumption that as of Aug. 3, no more people will be paying any sort of tax to the federal government. Hogwash.
Congress and the president will simply be required to make some decisions as to what government bills will and will not be paid. They will be forced to cut spending. By threatening to cut off the checks, he’s pulling the oldest liberal play out of the book.
In 2010, the total receipts (Excel data from U.S. Government Printing Office (GPO)) taken in by the federal government was $2.16 trillion dollars. That is $180 billion per month. In other words we have the ability to write checks totaling $180 billion per month, anything else would require the federal government to run a deficit and require a higher debt limit. Of course the problem is we spent $3.46 trillion in 2010, that’s an unheard of (pre-Obama) deficit of $1.3 trillion.
This data – again an Excel sheet from the GPO – breaks down outlays by superfunction and function including those on-budget and off-budget. The total per month paid out under the Social Security “function” is $58.9 billion. (Note the CBS interview mentioned a much lower figure of $20 billion.) That leaves us with a bit more than $121 billion. What else can we pay for?
How about paying the interest on the national debt. That looks to be $16.35 billion. We certainly would not want to “default” on our debt would we?
Medicare? $37.6 billion.
National defense? $57.75 billion.
Those items total just over $170 billion leaving us with $10 billion in the bank. I encourage you comments below, but do not give me the “what about this and that” answer. The point of this post is – and let me be clear – to call President Barack Obama a liar, it is not to quibble about the numbers.
He’s the one who was unsure if there would be enough money to send out Social Security checks with the disgusting political posturing of trying to freak out people. There will be more than enough money to pay out those funds, but Congress and the president will need to step up and make some decisions on spending.
Republicans in Washington seem to want to have that discussion, while the president and Democrats are willing to play politics with the standard fear-mongering crap that will get us nowhere. Republicans need to hold firm and demand we deal with the excessive out-of-control spending now.