Obama unwittingly makes the case for private pensions
President Obama threatened Social Security checks would be delayed if Congress didn't play ball on the debt ceiling. Once again, he turned pensions into a political football. There are ways to stop this.What he also did was in effect confess taht there is no Social Security Trust Fund. The government has already spent it. They borrowed against it until the cost of the program exceeded the income. Republicans would be wise to call Obama on this issue and push entitlement reform so that he and other politicians can no longer play politics with people's retirement account.
Americans should know: Social Security payments won't be affected by debt-ceiling talks, and Obama knows it. Still, it's not as if the Social Security system is healthy. In a Page 1 story Monday, IBD's Jed Graham reported that 2013 marks the first year new Social Security retirees will outlive the trust fund. Their benefits will be slashed 25% as the system goes bust in 2033.
So much for lifetime "promises," as Democrats always assure at election time, when they aren't making false claims about the trust fund being fundamentally sound.
Now there's President Obama playing politics with the same supposedly sound pensions Tuesday, declaring, "Social Security checks and veterans benefits will be delayed" if Congress doesn't raise the debt limit.