“The Social Security Trust Fund isn’t broke – it just doesn’t have any money. That is the only conclusion you can draw from President Obama’s threat not to send out Social Security checks in August unless there is an increase in the national debt limit. The president raised the phantom threat of no retirement checks even though the trust fund is valued at $2.6 trillion, which is 43 times what it costs for one month’s payouts. So, why can’t it cover the checks?”
The trust fund doesn’t have any money because it loaned $2.5 trillion to the U.S. Treasury in 2010 in exchange for internal government bonds.
Internal debt is money borrowed by one government agency from another and it now equals nearly $5 trillion - or one-third the national debt. 50% of our debt is to the Federal Reserve (the guys that print money – QUE1, QUE2, and they are thinking about QUE3). What happen to the money that was to be used for our debt? (money already collected from Taxes - President Obama paid out to Unions and the Special Interest to pay back their support for 2008).
“The internal bonds are backed by the “full faith and credit” of the U.S. Government, which really means the legal power to collect taxes. The government does not owe the $14.3 trillion of national debt – you do; it comes to $127,000 a household. We have been spending more than we have been taking in for many decades and borrowing money to fill the holes.”
What is this August 2nd – have you ever heard of the Government working on a fiscal year which runs from September 1st to October 30th.
President Obama and his Democrats are liars – We need to cut and then cut some more!
Debt Limit and August 2nd
Re: Debt Limit and August 2nd
Even if they taxed "the rich" and everyone else at levels that really showed what was going on (as in Senator Assbag and his three assistants arrive in his limo at the air conditioned Capitol just before a Lobster bisque lunch is to be served while constituants who went without dinner so thier children could eat the night before, because thier job was eliminated because the employer was unable to meet the new healthcare and safety requirements (as recommended by the union advisors on the labor safety panel)) they still could not meet the unfunded liabilities.“The internal bonds are backed by the “full faith and credit” of the U.S. Government, which really means the legal power to collect taxes
The faith of the US govt isn't keeping it afloat....it's the monetary interentanglement and the military agreements, not to mention foriegn aid packages.
The great non sequitur committed by defenders of the State, including classical Aristotelian and Thomist philosophers, is to leap from the necessity of society to the necessity of the State.
Re: Debt Limit and August 2nd
Snipped this paragraph from a article I was reading this morning.
President Barack Obama called on lawmakers once again on Saturday to set aside partisan politics and work together and to put the nation's fiscal house in order and stimulate the stagnant economy.
As much as it hurts you just have to laugh at what comes out of this president. Spend us into oblivion then turn around and say we have to get our fiscal house in order. Twilight zone.
President Barack Obama called on lawmakers once again on Saturday to set aside partisan politics and work together and to put the nation's fiscal house in order and stimulate the stagnant economy.
As much as it hurts you just have to laugh at what comes out of this president. Spend us into oblivion then turn around and say we have to get our fiscal house in order. Twilight zone.
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