Obama’s speech was replete with exactly what you would expect, from blaming Bush to blaming corporate jets to all out class warfare on the rich. But one thing he said that I found more offensive than any of it was when he was speaking directly to the American people, not in some interview, but in an address to the nation in which he lied directly to the faces of senior citizens, if you will, suggesting they may not get their social security checks if we don’t raise the debt ceiling and we in turn default. Honestly, if there was a new low that Obama could sink to, then he did tonight. Here’s the super short video so you can see for yourself:
He’s just a despicable human being to do this. It’s one thing to lie in an interview, but to lie directly to the American people in his nationwide address – I just don’t think I’ve ever seen this level of evil in the White House.
Now here is why I am so adamant about this being a lie from the pit of hell. We all know that social security checks will go out, but we may not all know exactly why. Let’s just say for the sake of argument that we hit the debt ceiling and there isn’t enough tax payer money to cover social security checks. It doesn’t matter because checks will still go out. Why you ask? Well thanks to Mark Levin’s interview with Mike McConnell tonight, we can answer that question:
Levin: First of all you wrote a piece Contrary to the President, Social Security Checks Are Not At Risk. Can you explain why that’s the case?
McConnell: Well that’s true because of the existence of the Social Security trust fund which holds some 2.4 trillion dollars in US Treasury securities for the purpose of paying off Social Security claims. Now in general that doesn’t really help our budget situation but it does mean that the debt ceiling is not a problem for Social Security.
Because if we were to hit the debt ceiling, all that the Social Security trustees need to do is to turn it some of their treasury securities for cash, which they could then use to pay of their obligations. And as they do that, that will lower the total number of US Treasuries outstanding and thus the Treasury can just turn right around and simultaneously sell new bonds to other people to make that up and that would not violate the debt ceiling.
So basically the Treasury securities can be turned in for cash and the Treasury will just re-sell them to make up that money. It’s that simple. And this isn’t rocket science in the White House. The Treasury knows this and Obama knows this as well and yet he is still willing to lie directly to the American people. I’m sorry, but where I come from we call that pure evil.
Cross Posted at The Right Scoop