Congressman Darrell Issa On Social Security, Medicare, and The Financial Crisis Commission (FBN Video)

California Republican Darrell Issa is definitely one of the good guys.  At a minimum, he provides a non-partisan and reasonable voice on financial and bailout issues.  He along with Brad Sherman, Alan Grayson, Mike Capuano, and Ron Paul have been outstanding stewards and deserve special mention regardless of politics.

Issa is a co-sponsor of the House version of the already-passed Senate bill to create an independent commission to study the financial crisis.  As of this moment, the House has still not taken up the measure for vote though it is widely expected to pass once the details are administered.  The discussion at this point is whether to make it fair, with 5 members appointed by each party, or whether Pelosi will politicize the process by giving Democrats more appointed seats on the commission.

Stuart Varney of FBN interviewed Rep. Issa Wednesday and the discussion moves from the details of the financial commission to the future bailouts of Social Security and Medicare.  Issa even calls Social Secuirty a Ponzi, which, though unmistakably true, is a mildly surprising public admission from a pol.  For a quick refresher on our unfunded entitlement liabilities, the Peterson Foundation now calculates that future obligations for Medicare and Social Security have surpassed $40 trillion and are growing at approximately $2.5 TRILLION per year.  And just to be clear for readers, that's $40 trillion worth of future promises with exactly $0 set aside for payment. 

The short interview is after the jump.

Comments

[DailyBail]

More from Issa on a California bailout. Guess what? Issa is opposed to the bailout. Outstanding.

http://www.cnbc.com/id/15840232?video=1099555845&play=1

[DailyBail]

Tip to Clusterstock and Blodget.

My Personal Credit Crisis

http://www.nytimes.com/2009/05/17/magazine/17foreclosure-t.html?_r=2&hp=&pagewanted=all

[DailyBail]

The mark-to-market change really helped Wells Fargo.

http://www.businessinsider.com/wells-fargo-made-billions-on-mark-to-market-change-2009-4

[Ain't Bullshittin']

The new accounting or the "old" accounting is the gift that keeps on giving to Wall Street.....OK...move along to the fabulous Q2 numbers in a few weeks!