If the Administration so much as puts another Social Security tax cut on the table, they will be throwing Social Security under the bus for uncertain—indeed, unlikely—economic gain.
We already know the proposed $120 billion payroll tax cut in President Obama's deal with the Republicans poses tremendous risks to Social Security. Now, an analysis done by Nancy Altman, Co-Director of Social Security Works, reveals that it is altogether bad policy. The payroll tax cut would provide far more to Wall Street bankers and members of Congress than poor and middle class workers, who need the help more and are more likely to stimulate the economy with the money they receive.
You know what they always say: Pay now or pay later. Middle-class Americans may pay very dearly for the president's tax deal, and at the stage of life when they can least afford it. By providing a temporary cut in the payroll taxes that fund Social Security, this deal starts the nation down a slippery slope that could lead to permanent benefits cuts for the middle class and even more wealth for the rich.
In other words, Obama's "payroll tax holiday" could send the financial safety of America's seniors on a permanent vacation. more »
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