"I cannot guarantee that those [social security] checks go out on August 3rd if we haven't resolved this issue, because there simply may not be the money in the coffers to do it." President Barack Obama, July 12, 2011.
Social Security was sold by yesterday's compassionate liberals as a secure, fair way for workers to save for retirement. The money deducted each week from millions of paychecks across the land is supposedly deposited in a trust fund--remember Al Gore's lockbox? Conservatives are ridiculed whenever they point out that the trust fund contains only IOUs from the Treasury, not money; that social security is a Ponzi scheme paying today's retirees with today's payroll taxes; and that property rights to privatized accounts would offer seniors real security from the whims of political policy changes.
President Obama knows that there will be ample funds available in the federal treasury on August 3rd to pay interest on our sovereign debt, Social Security and Medicare payments, military salaries and veterans' benefits. However, he also knows that there won't be enough cash to fully fund his massive expansion of statist priorities such as transforming the Environmental Protection Agency into a national industrial planning board.
So Obama issues a threat: Unless Republicans sign on to higher taxes and continued out-of-control spending, which every actuarial authority describes as "unsustainable," our "progressive" president will first cut off those made dependent upon government-run retirement "insurance" in order to score political points against the opposition.
The president is threatening to punish the proles who swept the liberals out of power in the House of Representatives last November.
Imagine how much more secure you will feel about your family's health after Obamacare is fully in place after 2014.