Politics

“I guarantee you, flat guarantee you, there will be no changes in Social Security” – Joe Biden

Official portrait of Vice President of the Uni...

Read my lips, it’s Noooooo problem

An opinion piece on Huffington Post about Social Security and the presidential campaign supporting the notion that no major changes are needed and that all benefits are earned, not an entitlement ends with this statement.

Send in Joe Biden. After all, campaigning in Virginia last month, he voiced the strongest Social Security commitment yet on behalf of the Obama administration, saying: “I guarantee you, flat guarantee you, there will be no changes in Social Security.” And he is also an AARP member.

The implication is that this Biden guarantee is a good thing. It is not a good thing because it can’t be fulfilled and based on the history of Social Security it’s absurd in any case. In addition, if it were to be fulfilled Social Security as we know it will cease to exist.

People who write this stuff and who say these things should try reading the Social Security Trustees Report sometime.

This type of irresponsible rhetoric does no one any good. The longer we delay making the changes necessary, the more drastic the changes will eventually be. Right now incoming payroll taxes are insufficient to pay current benefits which means interest on bonds in the Trust Account must be used. Eventually that will be insufficient and bonds must be redeemed. Since no new bonds are being purchased, at some point only payroll taxes will be available to pay benefits and that means 75% of promised benefits.

Still want Biden’s guarantee?

5 replies »

  1. He is a true politician. He bends the truth. I remember a few years back when he was caught in a lie about graduating from Syracuse University only to backtrack and state that he “attended” classes there after being caught. How can he be trusted? He tells you what you want to hear not the truth. I belive what he is really saying is that he won’t personally make changes to Social Security but someone in the Obama administration will.

    Like

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