Budget submitted by President will see SS in red for first time ever, by $2.6 billion in ten years.
(Alexandria, Virginia) – The fiscal 2013 budget President Obama submitted to Congress yesterday adds another dubious distinction to its historic record of debt; a projection of Social Security going into the red for the first time in the program’s history. According to Obama’s budget blueprint, the Social Security trust fund will be depleted in 2022, and show $2.6 billion in debt, prompting a statement from 60 Plus Association Chairman Jim Martin, leader of the largest national conservative seniors advocacy organization:
“The President is working overtime to bankrupt America, and he’s getting practice by bankrupting Social Security as a warm-up,” said Martin. “For the first time in our history, the Social Security trust fund is literally going to be a ‘bust fund,’ with zero assets in reserve, which will leave future retirees with benefits slashed to the bone.”
“The President did not mention Social Security once — not one single time — in his seven page letter to Congress that accompanied his budget. This is a staggering failure of leadership and candor with the American public, and shows just how little he cares about these vital programs for America’s seniors and future retirees. There is no trust left with this President.
“Obama will be remembered by seniors and American workers as the President who let Social Security to broke on his watch. He has billions to spend on giveaways to his friends in the unions, to his political contributors’ failed green energy companies, and to liberal politicians’ pet projects and constituencies, but he has not even one word to say about the most important worker-supported entitlement program in our nation, or how to save it. Absolutely disgraceful.”