David 'My Mommy Was A Commie' Axelrod has now come out and said that the media "has an obligation to fact check Romney's allegations" But what about doing a little fact checking regarding some of the blatantly bogus claims being made by our 'Dear Beloved Leader'? After all it was Barry who actually stated during his rather lackluster debate performance that ‘Social Security is, in fact, "structurally sound." Because, hating as I do the bursting of anyone's bubble, when it come to the wicked brain power of our less than stellar president, according to the Social Security’s Board of Trustees, who said in their 2012 annual report, the program now faces $8.6 trillion in "unfunded obligations," that's just not the case. Now for those geniuses who insist upon supporting this know-nothing, what that means is that Social Security is currently obligated to pay out $8.6 trillion more in benefits than it is anticipated to bring in through taxes. So, in other words, during one of the few instances during the debate that that he was actually able to string more than a few words together into some from of a coherent statement, he was lying to us.
During Wednesday's debate, that wonderfully talented moderator for the evening, Jim Lehrer, asked Barry: "Do you see a major difference between the two of you on Social Security?" To which Barry responded as only Barry can do, "I suspect that on Social Security we've got a somewhat similar position." Going on to say, "Social Security is structurally sound. It's going to have to be tweaked the way it was by Ronald Reagan and Speaker--Democratic Speaker Tip O'Neill. But it is, the basic structure is sound." However, as mentioned earlier the truth is just a little stranger that Barry's fiction. You see, in their annual report published on April 25, the Social Security Trustees said that the program not only faces $8.6 trillion in unfunded obligations but that the situation became dramatically worse over the previous year. Now what do you suppose might have occurred to make that happen? You think it might have been the major legislative change that brought about the cut in the Social Security payroll tax that had been loudly advocated by Barry "Almighty." It is this payroll tax, by the way, that funds the Social Security program.
According to the trustees’ report, "The open group unfunded obligation for OASDI over the 75-year period is $8.6 trillion in present value and is $2.1 trillion more than the measured level of a year ago." It goes on to say, "If the assumptions, methods, starting values, and the law had all remained unchanged, the unfunded obligation would have risen to about $7.0 trillion due to the change in the valuation date. The remaining increase in the unfunded obligation is primarily due to updated data and economic assumptions." The report also said, "In 2011, Social Security’s cost continued to exceed both the program’s tax income and its non-interest income, a trend that the Trustees project to continue throughout the short-range period and beyond." Adding that, "The 2011 deficit of tax income relative to cost was $148 billion, and the projected 2012 deficit is $165 billion. The sizes of these deficits are largely due to a temporary reduction in the Social Security payroll tax for 2011 and 2012." I think it's more than a little ironic that when the Republicans came out against this "tax cut" they were hammered, and now we find out that…they were right!
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