Rangel Calls Bush Comments on Social Security Trust Fund 'Irresponsible'

The bonds that are held by the Social Security trust fund are backed by the full faith and credit of the United States -- the same as the bonds held by citizens, companies and foreign governments. Americans who paid into Social Security are legally entitled to have that money fund Social Security until 2052 (as estimated by the Congressional Budget Office) just as all other investors in U.S. bonds are entitled to their return on their investments. Surely, the President is not saying we might default on obligations to Social Security while planning to pay back the Chinese or European government bond holders.

If the "full faith and credit" of the United States means "just IOUs" then our entire financial system will come tumbling down. By the President's logic, every dollar in your wallet is just fancy paper backed by the "full faith and credit" of the United States. If President Bush thinks we might default on obligations to Social Security recipients, then is any commitment the U.S. Treasury makes truly secure?

It is absolutely irresponsible for a President to make light of financial obligations of the U.S. government. Already, the dollar has fallen dramatically in part because people around the world do not believe the current Administration takes its increasing deficits seriously enough.

It is true that this President and the Republican Congress have borrowed money belonging to Social Security and used it to fund tax cuts primarily for wealthy Americans, the war in Iraq, and other programs they like. They promised they would not but then used September 11th as an excuse to break that promise. Now, we have a responsibility to pay back every penny of that money and Democrats will insist we do.