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It's official.

The President of the United States has effectively admitted to CBS News that Social Security is a scam. A Ponzi scheme.

This was just pointed out on the Rush Limbaugh show by Florida Senator Marco Rubio, who was learning on-air from Rush that President Obama had just told CBS anchor Scott Pelley that he couldn't guarantee payment of Social Security checks on August 3rd if the debt ceiling were not raised.

Rubio paused a half second and noted that this was an effective admission that retirees have not been contributing to their Social Security, as most believe. Rather Obama is admitting that without the ability to borrow money -- there is no Social Security Trust Fund.

When Rush jokingly noted these funds were supposed to be in a lock box, Rubio responded that Social Security funds are being held in a "Chinese lockbox."

The debt ceiling debate ratchets upward.

So.

What do we have here?

The President of the United States has apparently decided to hold his own countrymen  -- seniors in this case -- hostage to his political whims. Big mistake.

It took Marco Rubio half-a-second to get to the heart of the problem -- and the news is still fresh. Look out.

View all comments (24) | Leave a comment

Conservative Bob| 7.12.11 @ 2:34PM

If they do not get the deal they want they will not pay seniors, military familys will not be paid, the idea will be to inflict as much pain to as many as possible and then point to the GOP and say... they did it!

Aint it grand living in a thugocracy!

The politacl class is great at ribbon cutting and other celebrations of the good they do spending other peoples money... we are learning how well they deal with not being able to continue on that path... we are all so greedy for not letting them "do good" for others with our money.

JP| 7.12.11 @ 4:02PM

There are a number of things that the President could do to ensure that retirees and servicement get paid -all without Congressional approval.

1)He could furlough non-essiential federal employees (without pay) for a month

2)He could tap into unspent TARP funds (as far as I know this $150-300 billion slush fund is still available -and thanks to Paulson and Bush, it is beyond Congressional oversight).

3)There is still unspent Stimulus money in Treasury (not much, but more than taxpayers realize).

Other things like reduction in force (RIF), sale of government assets, re-allocation of funds from one branch to another (thus closing some branches) requires congressional approval, and no Dem ever closes down a federal programs other than the military.

Clint| 7.12.11 @ 2:38PM

Obama Pulls Veterans' & Social Security Checks Out Of His Shuck & Jive Closet.

Mr. Obama told Pelley "this is not just a matter of Social Security checks. These are veterans checks."

We Are Callin' The Carter ReduxBoy On This Shuck & Jive Bullcrap.

Stan Redmond| 7.12.11 @ 2:42PM

Every right leaning pundit in this country had better gear up NOW, as in immediately, and trace where every single gov't check is going on Aug 3rd. If the GOP fights back showing checks going to green energy scams, Obama's staff, Obama czars, world jet setting vacations, congressional staffers, etc etc etc, they can fight this. IF ONLY there were some testicles in the party it would be so easy.

Ken in People's Republic of MD| 7.12.11 @ 2:55PM

The irony is, among the few with "testicles" in this party are Palin and Bachmann.

David| 7.12.11 @ 3:02PM

Look, Obama is winning this battle. There will be no cuts and no reforms from Obama. All he wants is tax hikes in exchange for vague promises of cuts he will never ultimately agree to. What Republicans need to do is point out that taxes may have to be raised once the recession is over, but for now, we are in drastic need of reforming our spending programs. The issue is not simply cutting, but spending more wisely. Taxes will come, but not today. Otherwise, Republicans will lose the White House and possibly lose the House. At that point, there will be taxes galore and no cuts.

Warrior| 7.12.11 @ 4:00PM

May I disagree slightly with you. Obama is employing nothing but pure political theater here. All that needs to be pointed out is that he has already delivered on this promise as all the Obamacare taxes will start hitting hard in 2013. What is also convenienlty left out is that the "Bush" tax cuts deal expires just in time for 2013. All he has to do is nothing and he has his tax increase instantly. Of course, that may force him to face up to his lies about the "Bush" tax cuts were only for the wealthy. What also needs to be pointed out, he stated that you don't raise taxes during a recession, which was his justification for extending the "Bush" tax cuts. Since signing that bill, he would then have to prove that the economy and job issues have improved in order to justify raising taxes. He can't muster up a big enough lie to cover all the other lies.

David| 7.13.11 @ 10:33AM

In order to pointy out his lies you need a press that is willing to print what you point out. Obama lies all the time. In fact, if his lips are moving he is likely lying. But the press repeats his lies as if they are gospel.

Rick V.| 7.12.11 @ 3:07PM

Now would be a good time for Eric Cantor and John Boehner to inform the president (and the taxpayers) that the Republican party does not negotiate with terrorists.

Mark in LA| 7.12.11 @ 3:12PM

Its ridiculois to continue as the Republicans have that if we don't keep the tax rate for hedge fund managers at less than the rate for working people or if corporate tax loopholes are closed that "people won't be hired". What is even more ridiculous is the Limbamatons repeating this nonsense on que.

The budget needs significant cuts - get rid of the Department of Education and close 1/2 of our foreign military bases. Cut everything including farm subsidies (do Republicans support that?). Cut all welfare to immigrants legal or illegal. The Republicans are more resposible for corporate welfare and the Democrats for stupid worthless social programs.

Flee| 7.12.11 @ 3:42PM

I think Obama could be thinking about the administrative ability to distribute the checks not that there are no funds available for SS recipients. He knows he has to try to scare as many people as he can to his side so he uses the ultimate weapon of no check in the mail. It could just as easily happen because of the Post Office going under. Obama is not economically sophisticated enough to know SS is akin to a Ponzi scheme. This from the man that thinks a nearly trillion dollar health care debacle will bend the curve of health care services downward. Econ 101 must not have been part of his international relations studies at Oxy and the Ivy league.

Bill Hussein O'Stalin| 7.12.11 @ 3:42PM

Obama sticks his foot in his big ears once again!

JP| 7.12.11 @ 4:04PM

And it may be that the President all along intends on shutting down the government and blaming the GOP for it. It worked once with Clinton. However, all Boehnner and the GOP have to do is point to the $4 trillion Obama and the Dems have borrowed since Jan 2009. That's what got us to this problem in the first place, This is not 1995, and Boehnner is a bit smarter than Gingrich.

LarryK| 7.12.11 @ 4:28PM

But the "D's" are compassionate people?????

WarEag;e| 7.12.11 @ 5:05PM

Revenues will rise as taxes are cut and the economy begins to grow. It has always happened and it always will. The problem is a spending problem. Congress always spends more than receipts. That is a prescription for disaster and we in the middle of 75 years of profligate spending.

No new taxes! Cap spending at 12-15% or less of GDP, and get a balanced budget amendment passed.

This is insanity.

PattyMor| 7.12.11 @ 5:54PM

Scaremongering and upping the ante. These are the tactics of the Left. Starve grannie, starve the little kids, withhold medical care, and withhold military and retirement pay.

We need a new commercial showing Obamalini shoving everyone over the cliff. That is what he is doing figurately.

Occam's Tool| 7.12.11 @ 6:17PM

First Paul will go down for the Count in February 2012, along with Romney. BTO will roll on down the Highway, get ahead of BO so she doesn't have to stand downwind, and accelerate, smashing gravel into BO's windshield. The result: The First Superbabe American President.

By mid 2014, we will be in a massive economic rebound, and 'Bama will be up on charges.

Clint| 7.12.11 @ 9:05PM

Now, If I Remember Correctly, Tool Job Is The Same Screwball Israel Firster Fanatic ,Who Posted He Would Vote For Romney, Before Other Posters Called Him On It & He Flip Flopped On That Statement.

CalMark| 7.12.11 @ 9:57PM

Nice thoughts. Wish it were true. A man can hope.

beebop| 7.12.11 @ 6:35PM

THANK YOU. We need to repeat this over and over and over and over and show him for the PT Barnum he is .... God. Do I regret any and all democrat votes in my past!

bobmontgomery| 7.12.11 @ 10:15PM

B-b-b-but what about The Environment? Is The Environment going to get it's check? What about Green Living? Green Living going to get its check? What about Diversity? Diversity going to get its check? What about feeding the poor starving obese kids four or five times a day while they're not in school? Poor obese kids gonna get their groceries? And Food Stamps? What about NPR an NEA? They gonna get their checks? What about gay sensitivity trainers? They gotta get paid! What about people who buy shotguns for the Department of Education? Arne's thugs gonna get paid? We're just gettin' warmed uphere.

Linden| 7.13.11 @ 5:25PM

Wait... the Pubbies say that only the President has the right to determine the order in which government obligations get paid, and the President says it's Congress' choice. So whose is it??

And if it IS Obama's, the why won't he be the one to the heat for making that despicable, punitive choice against seniors and vets? And shouldn't the Pubbies make that case?? Will they? Hmmmmm..........

Eric| 7.17.11 @ 2:06PM

Doesn't anyone understand the Constitution? The President is NOT empowered to control spending. ONLY The Congress controls spending. The President is a butler; read his approx 10 powers and think about it. Everything else believed about the President's authority is a lie, brainwashed into your minds. Will the President exercise powers that are not lawfully his? Probably because Americans are gutless. They elected him and we will get what we deserve for either doing so or allowing such to happen. If Obama fails to faithfully execute the laws (passed by Congress), he commits an impeachable offense.

yisong| 10.29.11 @ 2:45AM

Three Row Roller Bearings are constructed with three independent rolls of rollers to handle a combination of axial, radial and overturning moment loads. http://www.1stbearing.com

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