Sunday, August 15, 2010

Obama's Outright Lies On Social Security

President Obama Took the occasion of Social Security's 75th anniversary to launch a nasty, partisan attack on Republicans, accusing them of trying to destroy the program.

According to Obama, Republicans in Congress are "pushing to make privatizing Social Security a key part of their legislative agenda if they win a majority in Congress this fall." Obama said.

According to Obama, privatization is "an ill-conceived idea that would add trillions of dollars to our budget deficit while tying your benefits to the whims of Wall Street traders and the ups and downs of the stock market."

In fact, most Republicans have steered clear of any talk of 'destroying social security, but the fact is that the program is in dire straits and is going to need some reform if it's going to survive. Since Prez Zero accused Republicans of trying to destroy Social Security, it's worth revisiting a little history to find out who really was responsible for putting the program in jeopardy.

Originally when the program was enacted by President Roosevelt, the money that the participants put in went into an independent trust that was legally mandated to be used to fund the Social Security Program only and nothing else.

That changed during Democrat President Lyndon Johnson's administration, when the Democrats also controlled Congress. The Johnson Administration moved that money into the General Fund, spent it to fund the Great Society and the so-called War on Poverty ( about a trillion dollars in today's money) and left a big fat IOU in it's place.

That, of course, set a precedent. It changed the program from being self-supporting into the deficit feeding entitlement monster it is today.And over the years, the trust fund has consistently be raided, largely to pay for social welfare scams originated by the Democrats.

The only thing in the trust fund now, as I said is a big, fat IOU.

The government is now admitting that the program is officially in the red, paying out more in benefits than it takes in from payroll taxes for the first time. And thanks to Zero's ridiculous spending, there's no way to cure the shortfall except by turning on the presses and increasing the both inflation and the deficit...or raising taxes, which will further depress the economy.

In his speech, Obama said "We have an obligation to keep that promise, to safeguard Social Security for our seniors, people with disabilities and all Americans — today, tomorrow and forever."

Based on what's occurred so far, that's definitely a case of trusting the fox to guard the hen house.

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