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The actual facts, courtesy James Pethokoukis: “Social Security payments Treasury needs to make on Aug 3. $22 billion. Treasury cash balance on Aug. 3: $74 billion.” — Jim Geraghty, National Review

From the American Spectator:

Obama Admits: Social Security a Scam

By on 7.12.11 @ 2:20PM

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.


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.

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