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 $2.4 trillion in U.S. Treasury bonds, which its trustees are legally entitled to redeem whenever Social Security is running a current account deficit. Thus, if we reach the debt ceiling ….this is what will happen. The Social Security trust fund will go to Treasury and cash in some of its securities, using the proceeds to send checks to recipients. Each dollar of debt that is redeemed will lower the outstanding public debt by a dollar. That enables the Treasury to borrow another dollar, without violating the debt ceiling. The debt ceiling is not a prohibition on borrowing new money; it is a prohibition on increasing the total level of public indebtedness. If Social Security cashes in some of its bonds, the Treasury can borrow that same amount of money from someone else.
Addition and subtraction, maybe that’s his problem.
George Soros promised Obama if he took the job, there would be no math. Or history, or science, or geography. Just talking and vacations.
More likely telling the truth is just one more thing that’s above the man’s pay grade.
– Written by Bonfire of the Absurdities
Source: AdvancingAFreeSociety.org
This post was last modified on July 25, 2011
View Comments (44)
Calling Bullsh$^t on Obama is like calling Cola on Coke.
Yeah, I love how Sock Puppet threatens that the first thing that happens is that soldiers stop getting paid, and Social Security checks stop.
I don't suppose it occurs to him to stop paychecks for himself, Congress, and the Supreme Court first, huh?
Realistically, the FED will just absorb the debt in the form of inflation on the US dollar until an actual compromise is reached. This isn't saying much though. Can we please eliminate fiat currency please?
In case you didn't see Obama's speech about the debt ceiling yesterday, I can sum it up for you with this quote from Homer Simpson;
"This is everyone's fault but mine."
Where can I get a large Bullshit Button? I was to slap it every time I see a liberal on TV.
http://www.shopgadgetsandgizmos.com/product/4429/
Also,
Prof McConnell is a racist.
Maybe prof. McConnell can answer this:
"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"
How exactly does this happen when there is a deficit and no budget? The treasury does not have wads of cash. They sell debt for cash to spend. The statement above is BS. This is a cashflow problem, not a balance sheet problem.
What nobody is telling any of us is that if the debt ceiling crap doesn't pass then the SS trust fund will likely sell its UST securities on the open market (laughable - 20% interest rates anyone?) or more likely go to the FED to print up some fresh digits. They won't stop payments, they'll just pay you in worthless dollars. We can garuntee payments or garauntee what the dollars will buy. Not both.
It's a symbol of how failed our education system is that grown-ass adults don't understand that dollars are a unit of accounting, not of value and are manipulated against the amount of goods in an economy.
Worker: Knock, knock.
Obama: Come in. Yes what is it.
Worker: Sir I'm here to install your new teleprompter syncronizer.
Obama: Outstanding but I'm a busy man, have a 10 o'clock Tee time, so remind me what a teleprompter syncronizer is.
Worker: It's this big red button.
Obama: Whatever. Why do I need a new one?
Worker: You have gone through a case of batteries in the old one and this one is hard wired to save electricity.
Obama: Good, I can mark that down as a spending cut - damn that Boehner.
Worker: Don't forget a green job created for me to install this.
Obama: Good point. Check that. Total jobs created or saved by my administration, eh, um, er, one. Ah hell make that 2, 000,001.
Worker: I'll push the button for you sir.
I've come to the conclusion that our current President does not know the difference between TRUTH and what he wants to be the truth.
Of course he does, but being a liar at heart and soul, he doesn't care one whit as long as his marxist socialist agenda in advanced: it called "the means justify the ends!"
Or the ends (marxist socialist agenda) justify the means (lying through his teeth every second of every day.)
Hmm, I think either possibility is about as likely.
I could only hope that Boehner is being sincere. There are hundreds of back door deals going on but who's going to stop it?
Boehner scares me. He is part of the problem and until he proves me wrong, I don't trust him either. I hope he does make me eat my words.
Most of our gubs are in a least one globalist's pocket, that is a problem. The speaker may be one of them. I'm with you on the willingness to have him prove us wrong.
Please, please! Do SOMETHING to prove us wrong!
Obama has found that when you don't know what you're talking about, it's easy to get confused.