This is the first time that a President of the United States has declared that we, the United States Government, will not put the full faith and credit of the federal government behind the Social Security trust fund. What this President is saying is, we have two kinds of debt. Let's see how we get the debt first. It is in deficit spending, so we have to go borrow in order to keep the government going.
So where does he borrow? He borrows from the Chinese. He borrows from the Japanese. He borrows from the trust fund. And what he is saying now to the American worker: "We will honor our debt to the Chinese and the Japanese, but we are treating you differently. We are not honoring our debt to you."