IBD Op-Ed Wonders Where Social Security/Medicare Trustees' Report Is; Rest of Media Doesn't
On July 6, Peter Ferrara at IBD noted that the annual report from the trustees of the Social Security and Medicare system is long overdue, and wondered why:
Are Overdue Reports Concealing ObamaCare Impact On Medicare?
Every year, the Annual Report of the Social Security Board of Trustees comes out between mid-April and mid-May. Now it's July, and there's no sign of this year's report. What is the Obama administration hiding?
The annual report includes detailed information about Social Security and its financing over the next 75 years, produced by the Office of the Actuary of the Social Security Administration.
The Congressional Budget Office reported last week in its Long Term Budget Outlook that Social Security was already running a deficit this year. According to last year's Social Security Trustees Report, that was not supposed to happen until 2015, with the trust fund to run out completely by 2037.
With the disastrous Obama economy, the great Social Security surplus that started in the Reagan administration is gone completely.
Every year, the federal government has been raiding the Social Security trust funds to take that annual surplus and spend it on the rest of the federal government's runaway spending, leaving the trust funds only with IOUs backed by nothing but politicians' promise to pay it back when it's needed. Now even that annual surplus is gone. How soon will the trust funds run out completely now?
... (But) The implications for Social Security aren't what the Obama administration is hiding by delaying the annual trustees reports. Those annual reports also include information regarding Medicare over the next 75 years. What the administration is trying to hide are sweeping draconian cuts to Medicare resulting from the ObamaCare legislation, which the annual report will document.
The administration is trying to delay the report until mid-August, when it's hoping the country will be on vacation and won't notice. Or maybe the delay is because the White House is trying to bludgeon the chief actuaries for Medicare and Social Security into fudging the numbers.
The Social Security "IOUs backed by nothing but politicians' promise to pay it back when it's needed" are from a government that itself has well over $10 trillion dollars in other debt, before counting Fannie Mae, Freddie Mac and a host of other off-the-books liabilities. Then there are the additional tens of trillions in actuarial liabilities.
Ferrara didn't note that the administration announced a delay until June 30 back on April 5, "so that the new report can reflect the impact of the recently passed health care overhaul." But they're now almost two weeks late. What are they waiting for? A really, really busy news day? A Friday night midsummer doc dump?
Meanwhile, no one in the rest of the press appears to be the least bit curious.
Cross-posted at BizzyBlog.com.