From Zero
Hedge:
It worked for
Hank Paulson who showed up in Congress
with a three page term sheet,
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 on 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
after ...
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