Legal Experts: Obama Social Security Hysteria is a Lie

Ben Johnson, The White House Watch

The scare and intimidation tactics the president has employed during the debt ceiling debate have grown so outrageous that two experts on the Social Security system are imploring Barack Obama, “Mr. President, please stop needlessly scaring the millions who rely on Social Security benefits.”

Obama warned in his nationally televised speech on Monday night that if Congress does not vote to raise the debt ceiling by August 2, “we would not have enough money to pay all of our bills -– bills that include monthly Social Security checks, veterans’ benefits, and the government contracts we’ve signed with thousands of businesses. ”

Social Security historian Nancy Altman and Pepperine Law School professor Mark Scarberry have noted that, in fact, no such threat exists. They write that, while it is true “employer and employee contributions are less than the cost of all benefits plus all administrative costs,” those contributions “are just one source of Social Security revenue.” Another source is investments backed by the “full faith and credit of the United States,” which the president and Treasury Secretary Timothy Geithner can….

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