Limbaugh, 6/15/09, Social Security

In his rambling (is there any other with him?) rant today against health care reform, Barack Obama, tort reform, and Social Security, Rush Limbaugh claimed

It reminds me of the Soc. Security debate. Democrats said that any reform would mean "less" than what some Americans are receiving now. Well, the dirty little secret is that Social Security cannot pay what is promised already. Social Security is bankrupt, too!

As Warner Wolf would say, "let's go to the videotape." Or in this case, the summary of the 2009 Annual Report of the Social Security and Medicare Boards of Trustees.

In December 2008, 41.6 million people received OASI (Old Age and Survivors Insurance) benefits, 9.3 million received DI (Disability Insurance) benefits, and 45.2 million were covered under Medicare. Three trust funds showed net increases in assets in 2008; HI (Hospital Insurance) Trust Fund assets declined. (SMI is Supplementary Medical Insurance.)


In billions of dollars:

assets at the end of 2007: OASI, 2023.6; DI, 214.9; HI, 326.0; SMI, 42.9

income during 2008: OASI, 695.5; DI, 109.8; HI, 230.8; SMI, 250.0

outgoing during 2008: OASI, 516.2; DI, 109.0; HI, 23.6; SMI, 232.6

net increase in assets: OASI, 179.3; DI, 0.9; HI, -4.7; SMI, 17.4

assets (end of 2008): OASI, 2202.9 DI, 215.8 HI, 321.3 SMI, 60.3

Not only did income in 2008 exceed "outgoing," but total assets of the Social Security trust fund at the end of 2008 stood at $2418.7 billion dollars; aka, 2 trillion, 418 billion, 700 million dollars. This to Rush Limbaugh is bankrupt.

Usually, conservatives sling the term "bankrupt" around in their effort to privatize or destroy (but I repeat myself) the Social Security system. In this case, Rush is wrongly characterizing the health of this incomparably popular government program so as to sow fear about the public option President Obama is proposing as part of health care reform.

Immediately following Limbaugh's statement noted above, he contended "People are going to get less anyway as soon as Social Security starts to go under in ten years or so." Well, no, because revenues are projected even in 2018 (the last year listed in the Trustees' chart) to exceed the amount paid out; and the assets on hand will be sufficient to enable the fund to make full payments for many years out from there.

Usually, conservatives sling the term "bankrupt" around in their effort to privatize or destroy (but I repeat myself) the Social Security system. In this case, Rush is wrongly characterizing the health of this incomparably popular government program so as to sow fear about the public option President Obama is proposing as part of health care reform.

It is inconceivable that Limbaugh believes that Social Security is insolvent, unable to meet its obligations. His statement was not an ambiguity, misrepresentation, distortion,or exaggeration. It was a lie.