How ironic. Now the president and Treasury secretary tell us that if the debt limit is not lifted on Aug. 3, then Social Security checks may not go out to seniors.
But haven’t we been told for years that Social Security has a sacrosanct trust fund? According to the pundits. its present balance is $2.6 trillion. So what does the debt limit have to do with it? Realize also that the fund’s income was some $40 billion less than payments in 2010 and expected to be about the same this year.
In spite of what we are told, there is no money in that fund. Those funds have gone to support the national debt. What were left were IOU’s – “special issue bonds” as a bookkeeping gimmick.
The solution is simple: a complete overhaul of the Social Security system. That will only happen when Congress places the good of the country above their individual interests of being re-elected.