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View Diary: This Isn’t Shared Sacrifice. It’s Scared Sacrifice (50 comments)

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  •  Check This! (1+ / 0-)
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    priceman

    Michael hudson:

    You know that the debt kerfuffle is as staged as melodramatically as a World Wrestling Federation exhibition when Mr. Obama makes the blatantly empty threat that if Congress does not “tackle the tough challenges of entitlement and tax reform,” there won’t be money to pay Social Security checks next month. In his debt speech last night (July 25), he threatened that if “we default, we would not have enough money to pay all of our bills – bills that include monthly Social Security checks, veterans’ benefits, and the government contracts we’ve signed with thousands of businesses.”

    This is not remotely true. But it has become the scare theme for over a week now, ever since the President used almost the same words in his interview with CBS Evening News anchor Scott Pelley.

    Of course the government will have enough money to pay the monthly Social Security checks. The Social Security administration has its own savings – in Treasury bills. I realize that lawyers (such as Mr. Obama and indeed most American presidents) rarely understand economics. But this is a legal issue. Mr. Obama certainly must know that Social Security is solvent, with liquid securities to pay for many decades to come. Yet Mr. Obama has put Social Security at the very top of his hit list!

    This is a must read to understand what we are up against!

    •  Yes, he must (2+ / 0-)
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      priceman, splashoil

      Let's stop calling him spineless, naive, uninformed, and weak.  He's a neoliberal through and through!

      "First there is a mountain, then there is no mountain, then there is." - Donovan

      by racetoinfinity on Wed Jul 27, 2011 at 04:08:11 AM PDT

      [ Parent ]

      •  "Yes he must" what? (2+ / 0-)
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        priceman, splashoil

        I was replying to Michael Hudson's line above:  

        Mr. Obama certainly must know that Social Security is solvent, with liquid securities to pay for many decades to come.

        "First there is a mountain, then there is no mountain, then there is." - Donovan

        by racetoinfinity on Wed Jul 27, 2011 at 04:10:50 AM PDT

        [ Parent ]

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