President Obama on Tuesday said he cannot guarantee that retirees will receive their Social Security checks August 3 if Democrats and Republicans in Washington do not reach an agreement on reducing the deficit in the coming weeks.
"I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it," Mr. Obama said in an interview with CBS Evening News anchor Scott Pelley, according to excerpts released by CBS News.
Why do you think Social Security money is disappearing? The Wall Street Journal tells us more:
President Barack Obama and congressional leaders agreed Thursday to strive for a blockbuster deficit-reduction deal and will spend the weekend determining whether political support is possible for a sweeping plan to curb entitlements and make major tax-code changes...
While lawmakers in both parties cheered the idea of a big deficit-reduction deal, they dug in their heels on several key issues. Liberal Democrats are furious that Mr. Obama has opened the door to significant changes to Medicare, Medicaid and Social Security, and many Republicans continue to resist tax increases.
This article from theNew American in 2010 might shed some light on the situation:
One aspect of a new and improved federal regulatory scheme is the seizure of 401(k) retirement plans and the subsequent government-administered disbursement of the funds.
In Chapter 3 of the Annual Report on the Middle Class released in February by Vice President Biden and the White House Task Force on the Middle Class, the Obama administration calls for enhancing the “retirement options” for the middle class by imposing “new regulations to improve the transparency and adequacy of 401(k) retirement savings.”
The plan, as sketched in the 43-page document, calls for the creation of something called “Guaranteed Retirement Accounts” (GRAs). Biden slyly shifts the onus for the idea through weasel words typical of the federal government: “Some have suggested the creation of Guaranteed Retirement Accounts (GRAs), which would give workers a simple way to invest a portion of their retirement savings in an account that was free of inflation and market risk, and in some versions under discussion, would guarantee a specified real return above the rate of inflation.”
These accounts would be “free of inflation and market risk” because they would be under the direct and absolute control of the federal bureaucracy. There would be no risk because the funds would no longer be moored to the free market and subject to the fluctuations thereof. Rather, the retirement funds of every hard-working American dependent on a 401(k) for their retirement security would be nationalized and made subject to the whims and will of the executive branch.
This next article from the EU Times says that Obama is also confiscating the nation's gold:
A Foreign Intelligence Service (SVR) report circulating in the Kremlin today states that the top US Federal Judge for the State of Arizona was assassinated barely 72-hours after he made a critical ruling against the Obama administrations plan to begin the confiscation of their citizen’s private retirement and banking accounts in order to stave off their nations imminent economic collapse, and after having the US Marshals protecting him removed.
According to this SVR report, Federal Judge John McCarthy Roll was the Chief Judge for the United States District Court for the District of Arizona who this past Friday issued what is called a “preliminary ruling” in a case titled “United States of America v. $333,520.00 in United States Currency et al” [Case Number: 4:2010cv00703 Filed: November 30, 2010] wherein he stated he was preparing to rule against Obama’s power to seize American citizens money without clear and convincing evidence of a crime being committed.
