Reply #79: It will destroy Social Security. This is a terrible idea. His Nixon Goes to China moment [View All]

[jtown1123]

• There’s no such thing as a “temporary” tax Cut. If Congress is unwilling to allow tax cuts for wealthy Americans to expire in the midst of economic crisis now, then why would it allow this so-called “holiday” to end in one year? The short answer–it wouldn’t. Americans should expect that when this tax “holiday” ends, restoring Social Security’s funding will be portrayed by those opposed to the program as a massive tax hike, rather than the legislated end of the “holiday”. That leaves Social Security permanently dependent on general fund revenues rather than worker contributions which have successfully funded the program for 75 years. If extended, this payroll tax cut would then double Social Security’s 75 year projected shortfall.

• This 2% payroll tax cut is the beginning of the end of Social Security as we know it. Worker contributions have successfully funded the program for 75 years and that critical linkage between contributions and benefits is what keeps Social Security a self-funded program. Proposals like this threaten the program’s independence, forcing Social Security to compete for limited federal dollars.

http://www.ncpssm.org/entitledtoknow/?p=1415