The Obama administration is all about delaying reports today. First, we learned that Treasury Secretaty Tim Geithner has delayed a report on China manipulating its currency. No doubt China pressured the Obama administration not to instigate or they would retaliate by selling billions in US Treasury Notes. Of course, because of our rising debt and continued borrowing, the United States can now be held hostage to Chinese demands.
U.S. Treasury Secretary Timothy F. Geithner delayed a scheduled April 15 report to Congress on exchange-rate policies, sidestepping a decision on whether to accuse China of manipulating the value of the yuan.
Geithner in a statement yesterday urged China to move toward a more flexible currency and said a series of meetings over the next three months will be “critical” to bringing policy changes that lead to a stronger, “more balanced” global economy. The delay comes as Chinese President Hu Jintao is scheduled to visit Washington for a nuclear summit April 12-13.
The Treasury chief faces demands from Congress to label China a currency manipulator for keeping the value of the yuan little changed from about 6.83 to the dollar for almost two years. Geithner is instead betting that China will take steps on its own in the next several months to strengthen its currency, analysts said.
And today we learned that the Obama administration is delaying the report on the financial health of Social Security and Medicare by 3 months. The Obama administration claims that it wants the report to reflect the new health-care law, which may be true. After all, for the first 4 years of the law more money will be collected through higher taxes and fees, however, real expenses don’t being to 2014. Just more manipulation by this group.
The Obama administration is delaying release of the annual report on the financial health of Social Security and Medicare so that the new report can reflect the impact of the recently passed health care overhaul.
An administration official told The Associated Press that this year’s trustees report will be delayed until June 30, three months later than it usually comes out.
The official, who spoke on condition of anonymity before the formal announcement, said that the delay will allow the government to determine the impact of the massive overhaul of health care that President Barack Obama just signed into law.
In January, Richard Fisher, the chief actuary for Medicare, estimated that the Senate bill which passed on Christmas eve would extend the life of the Medicare hospital trust fund by 10 years. The legislation that finally passed Congress was the Senate bill but with revisions approved to win House support.
The administration official said that passage last month of the health care overhaul legislation had made the trustees report, which usually comes out around April 1, obsolete. This official said the decision was made to incorporate all of the changes made by the legislation to better reflect reality now that Congress has passed health care overhaul.
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