The current president of the United States seems not to know how anything works. But that’s no problem when you’re willing to just make crap up. Ironically, the world’s smartest man apparently considers his ignorance a feature and not a bug.
Case in point: The President has repeatedly implied that social security payments might stop if the debt ceiling issue is not resolved.
Stanford Law Professor Michael McConnell calls the president on this egregious lie:
The Social Security trust fund holds about $2.4 trillion in U.S. Treasury bonds, which its trustees are legally entitled to redeem whenever Social Security is running a current account deficit. Thus, if we reach the debt ceiling ….this is what will happen. The Social Security trust fund will go to Treasury and cash in some of its securities, using the proceeds to send checks to recipients. Each dollar of debt that is redeemed will lower the outstanding public debt by a dollar. That enables the Treasury to borrow another dollar, without violating the debt ceiling. The debt ceiling is not a prohibition on borrowing new money; it is a prohibition on increasing the total level of public indebtedness. If Social Security cashes in some of its bonds, the Treasury can borrow that same amount of money from someone else.
Addition and subtraction, maybe that’s his problem.
George Soros promised Obama if he took the job, there would be no math. Or history, or science, or geography. Just talking and vacations.
More likely telling the truth is just one more thing that’s above the man’s pay grade.
– Written by Bonfire of the Absurdities
Source: AdvancingAFreeSociety.org
