The Fearmongering At The Top Begins: Obama Says "Can Not" Guarantee Social Security Payments Without A Debt Ceiling Hike

Tyler Durden's picture

It worked for Hank Paulson who showed up in Congress with a three page termsheet, delusions of grandeur, a scary story, and an easily frightened audience. Why should it not work for the president. As Reuters reports, "Barack Obama said in an interview on Tuesday that checks to recipients of the Social Security retirement program may not go out in early August if he and congressional leaders do not agree a debt deal. "I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue," Obama said in an interview with CBS, according to a transcript on the network's web site. "Because there may simply not be the money in the coffers to do it," Obama said." Is that so Mr. President? Please explain then how according to the most recent DTS the YTD (fiscal) amount paid out on Social Security is $469 billion, well below the amount collected from Federal Tax Deposits of $780 billion. As a comparison, this number is lower than the combination of Medicare and Medicaid ($638 billion YTD), and the combination of Defense and Education Payments ($480 billion). Indicatively, Federal salaries are a whopping $137.6 billion, or said otherwise, all of the SSN payments to date are just three times bigger than what the government pays its own employees. Perhaps a bigger issue is that the debt held by the public has increased by $720 billion YTD, a number which will soon grow to $1.5 trillion if the government does get debt hike it so desperately needs.

So please Mr. President, feel free to engage in your hollow rhetoric when addressing your political adversaries or staring at the teleprompter, but please don't pander to the general population. It didn't work for Hank Paulson, at least not the first time. We all know what happened with your all important stock market after that.

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element115's picture

In Soviet Amerika - debt ceiling raise you!

nope-1004's picture

Did our president say something?

Was it the truth, or do I need to just let the lie go in one ear and out the other -- AGAIN!

 

Sudden Debt's picture

for amusement purposes only

curbyourrisk's picture

It is Soviamerika

 

Get it right!

eureka's picture

No! It is NAmeZIka - take from old people - pay PentaGun WarWhore.

caconhma's picture

Obama is a real POS.

OK Mr. President, go ahead and stop paying to Social Security recipients. I am eager to see the consequences for you and your Zionist masters.

Lately, you and your handlers both became too arrogant. I don't think you are really that stupid but you never know. American people are indeed very stupid but, I think, this time, you and your handlers are making a colossal mistake.

So, go ahead, try it. After all, the French oligarchy never planned for the French Revolution.

Sudden Debt's picture

If they fail to do so for 3 months I think Los Angeles will burn again. As will New York, Detroit, Chicago....

At least the wages of the soldiers and national guard will still be paid...

I wonder if they'll thow cola bottles like in Athens or piss full metal jackets...

 

thewhitelion's picture

My guess would be much closer to 3 weeks.

spartan117's picture

And there goes gold.

ads56's picture

Hope and change! Yes we can!

Now turn the AC off for the old people.

Sudden Debt's picture

He did it... and all your hopes and dreams are now worth the change in your pocket...

 

Problem Is's picture

"Thank you Satan!"
"Yes we can!" played backwards...

CREEP -- Committee to RE-Elect the Puppet
The only fear mongering is that this worthless, incompetent asshole Wall Street puppet gets re-elected...

HileTroy's picture

Holy shit that please put a warning on that !!

I shit my self silly

Oh regional Indian's picture

Tha was funny Hile.

Strange how an intestinal joke will always get a laugh.

Hmmmm...

ORI

Overpowered By Funk's picture

Despair and madness - same as ever. Go long Tabasco sauce - makes the cat food a little more palatable.

dark pools of soros's picture

catfood costs more than tuna...   it is still tuna, right??

Sudden Debt's picture

it's whatever you want it to be :)

 

FeralSerf's picture

I thought the cat was the food.

Here kitty, here kitty, here kitty . . .

NuckingFuts's picture

Hey Overpowered...how I love your western ways.

The only band that really mattered.

 

dcb's picture

nope, the obama has to make the little guy pay, social security, retirement. can't stop the bombing in foreign ands and bring troops home. he is such a jerk, and I ain't voting for him again. I just won't vote

TheTmfreak's picture

You voted for him? Or actually I should say you voted in the last election?

Shameful's picture

Bob Barr wasn't to bad.  Got a chance to talk to him after he spoke at my school.  Early in conversation he was the one to bring up hyperinflation and collapse of the system, not me.  Voting doesn't do anything but can always vote 3rd party to shake your fist at the two headed one party system.  Voting lesser of two evils helped get us here "I won't vote for _______ because they can't win" and maybe not but at least letting the oligarchs know that we are out there.

TheTmfreak's picture

Perhaps. However, I would never suggestion that I won't vote for ___ because they can't win. But I tell you what I won't do. Vote for a person I don't like, nor vote for a person I dont' know enough about, to put my name on the ballot.

My girlfriend voted Obama. Boy does she regret it, especially since she has to hear it from me, and read about it herself everyday. Just another typical uniformed voter. Ron Paul all the way.

dark pools of soros's picture

is your girlfriend Leo?   how are her solars??

juggalo1's picture

I voted for Obama, and I am not sorry.  Was he better than McCain?  Definitely.  I can't think of any political figure I would rather have as President right now.  I include Ron Paul.

Ms. Erable's picture

Not in the sand, but in a dark, odiferous orifice.

Fascist Dictator's picture

not surprising that you'd vote for the evil one, just look at the evil one you're using as an avatar. very telling....

rwe2late's picture

Indeed, so many fall for the “good cop, bad cop” routine.

And no matter how many needless wars, how much financial misery, or loss of freedoms, they’ll never be “sorry”

… because the horrors their “team” brings about are only measured against the worse possible they can imagine of the other “team”

- never against a standard of decency that would condemn both teams (of the plutocrats).

Sudden Debt's picture

If I where American I also would have voted for him.

He made people see what politics are. That's why everybody hates them so much now.

But there where just to much... to many things that needed to be handeled. To many problems.

I think Obama is a good guy, but he can't pick his battles.

He took on to many fronts and was never able to fix his attention to 1 goal.

If he would have been elected in a economic stable economy, he would have been the best American president ever.

But he's a crisis president now, and as history shows, these never get elected twice.

 

dark pools of soros's picture

Rahm made him.. Wall Street pulls his strings..  wish I knew that beforehand but the curtain is forever gone for me

 

the only politics you should worry about are local.  fight from the bottom up

FeralSerf's picture

No, the CIA made him.  Rahm was only a mentor/baby-sitter.

carbonmutant's picture

Time to file formal charges of Impeachment.

j0nx's picture

This. ANY govt. official that uses their office like this to incite fear and panic in the people *cough* Paulson, et al should be tried for high crimes.

juggalo1's picture

Panic is a rational response in an insane world.

DosZap's picture

and I ain't voting for him again

So,you at least admit your not real smart.

Either would have been bad, but you slected the Devils OWN.

Shame on all who Voted for Hopey Changey.....

 

He's fearmongering, and putting the onus on the GOP,while another result he would very much like is the people hitting the streets.........armed.

j0nx's picture

As much as I agree with you, it's not likely that anyone else would be any better under this two party bankster owned nightmare that we find ourselves in. Nothing except for term limits and complete lockdown of campaign finance can right the American political system. $50 should be deducted from every American's annual tax return for campaign funds to be split EVENLY between all prospective politicians. That way we take the big business and wall street special interests out of the equation once and for all. They won't do it willingly and the people need to get serious about it and give them no choice in the matter. Until that happens then you can forget about anything that remotely resembles representation.

As an aside, people that voted for Obama and actually were expecting change and hope and believing his campaign bullshit should be doubly flogged for being idiots.

TheTmfreak's picture

No questions asked MANY people were swepted up in the "going to fix it all." They needed to be made to realize how stupid of an assumption that is. There was absolutely nothing indicating this goon was "not like rest." Nearly everything this man has said and done has been a status quo to the extreme. This has to be one of the most comical (in a sad way) presidents of all time. The transparency award? Peace prizes? Nearly everything dealing with this clown is an onion piece in itself.

People who are "uninformed" shouldn't vote. I didn't say shouldn't be ALLOWED, but shouldn't vote. I can honestly say in the last election cycle I didn't know anything about Ron Paul, so I didn't vote. I think I even liked John McCain for a little while. *Shudder* Glad my laziness/didn't-give-a-fuckness didn't constitute a vote of confidence for him.

Rodent Freikorps's picture

McCain would not have given us ObamaCare, and I think his Supreme Court nominees would at least, have been pro-Constitution.

TheTmfreak's picture

With McCain we would be probably be at open war with many other countries for more humanitarian reasons. He is a fanatic moron. I thought he would probably be ok and maybe a bit more "middle ground." (i don't like middle ground, but its better than "far left"). However, its clear to me now what kind of a lunatic he is. I think it might almost be BETTER with Obama than him.

I'm not disputing the Osamacare point. However, I don't think it will necessarily stand the test of time, and has only opened a can of worms in so many places. Bankrupting the corrupt system faster, might also be a plus. Depends on how one looks at it I'd say.

Screwball's picture

But he might have given us Phil Gramm and of course Palin.  That's not so good either.

juggalo1's picture

I'm in favor of Obamacare.  Obviously it could have been improved, but it is a step in the right direction.

j0nx's picture

Get the fuck outa here. Said wholeheartedly with a Jersey accent.

Papasmurf's picture

You obviously haven't tried to get capable medical care with medicare.