Update on President Pinocchio

July/30/2011 16:12PM
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Look back to the January 26Th blog titled President Pinocchio Lies to We Seniors.

Here’s an addendum to that blog.

•The Bipartisan Policy Center also studied the possibility of maintaining the debt ceiling by continuing to pay interest on our bonds, thus avoiding a default on our debt obligations. “This is an option known as ‘prioritization,'” wrote Ezra Klein on his Washington Post blog. “If (the government) chose, for instance, to fund Medicare, Medicaid, Social Security, supplies for the troops and interest on our bonds, it would have to stop funding every other part of the federal government. … When coupled with the turmoil in the markets and the general financial uncertainty, (this) would undoubtedly throw the economy back into a recession.”
•Writing on The Huffington Post, Nancy Altman and Mark S. Scarberry insist that Obama is “needlessly scaring” Social Security recipients:
The truth is that checks can go out, in their full amount, without adding a penny to the federal government’s total debt. They can be paid without subtracting more than a tiny fraction of a percent — if anything — from the funds currently being used for other government purposes — a reduction so small that it could be considered a rounding error.

Social Security’s Board of Trustees could and should exercise its right to redeem (cash in) as many of Social Security’s bonds as needed to pay benefits. Every dollar of principal (though not accrued interest) that the federal government would be required to pay to redeem the bonds would reduce the total debt subject to the $14.3 trillion limit. That would make room under the debt ceiling and allow the government to borrow an additional dollar from the public to replace every dollar of principal paid by the government.

When the Huffington Post says Obama is lying to the public and unnecessarily scaring seniors things are really getting bad for this president. Based on past history this president has no compunctions about lying to anyone. Anyone ever found that poll where he said “a poll shows 80% of the public want tax increases?” Or, with ObamaCare you can keep your doctor? Or how he managed to sit in Reverend Wright’s pew and never hear a thing the good Reverend said? Not to mention that his mother did have health insurance coverage when she was terminally ill. She wanted disability insurance payments too.

When his nose grows enough we will be able to confirm that he has passed his capacity to lie. Hold on, that may be soon.

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