"I cannot guarantee that those checks go out on Aug. 3 if we haven't resolved this issue because there may simply not be the money in the coffers to do it." Thus spake President Obama regarding the Social Security check payments due in August.
But how is this possible? For years we have heard the payments from Social Security were guaranteed, were isolated and protected. They were in a "lock box" earning interest just waiting to be sent out. Indeed, the tiny privation effort that President Bush suggested was ridiculed and defeated because it introduced an element of risk into this safe system. The Chileans might be able to take such chances but there would be no risk for us.
Does this mean the money is actually not there?
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