But Wait....

The President says he, "cannot guarantee Social Security checks will go out on August 3" . . . "[b]ecause there may simply not be the money in the coffers to do it."

But I thought all of the Social Security money was in a "lockbox" that could never be touched by the politicians. That's what Al Gore told us, remember?

Sheesh, the more I look at Social Security the harder it is to distinguish it from your garden-variety Ponzi scheme.

UPDATE:

In trying to score political points against the GOP by warning that retirement checks were in jeopardy if the debt ceiling isn’t raised, President Obama exposed the fraud at the heart of Social Security. . . . Obama beat everyone, however, with his scaremongering claim that Social Security checks are at risk if he doesn’t get his way on the debt ceiling. “I cannot guarantee that those checks go out on Aug. 3 if we haven’t resolved this issue,” he told CBS News, “because there may simply not be the money in the coffers to do it.”

Wait! What happened to Social Security’s “guarantee”? You know, the iron-clad assurance of Social Security benefits in exchange for paying into the program your whole working life? It’s something Democrats constantly talk about, particularly when attacking Republicans who propose privatizing the program.

A couple of thoughts here:

Imagine what would happen if the CEO of a bank had threatened to withhold your paycheck because the bank had given away all your money and all that was left in your account was an IOU?! You'd instantly know that the bank was bankrupt. And that the bank CEO should be put in jail.

And what about that Social Security "Trust Fund" the Democrats rhapsodize about? Isn't it supposed to guarantee benefit payments for another 30 or 40 years?

Truth is, the fund is nothing more than an accounting gimmick designed to make the program look healthier than it is. Obama exposed this scam as well by showing that retirees can't trust the "Trust Fund" for anything.

These are, by the way, all shortcomings that Social Security privatization advocates have tried to point out for years, only to be shouted down by Democrats.

Please don't take this as anything more than a generic warning about giving money to bureaucracies in exchange for vague promises of later payment. It never works out, because there is NO accountability. At least with a corporation, if it goes bankrupt, or is caught defrauding you, the corporate executives can be put in jail. When was the last time - scratch that - when was the first time a Congressman or a President went to jail for running the Ponzi scheme that is Social Security and Medicare (and now Obamacare).