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Payroll Tax Cuts Seen by Some Obama Allies as Undermining Social Security [View All]

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NeoConsSuck Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 05:57 AM
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Payroll Tax Cuts Seen by Some Obama Allies as Undermining Social Security
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Source: Bloomberg.com

Some Democratic lawmakers say that while President Barack Obamas plan to cut payroll taxes may strengthen the U.S. economy, it may have some unintended fallout: weakening Social Security.

The lawmakers and advocacy groups say theyre concerned the tax cuts may undermine political support for the retirement program, which provides benefits to almost 55 million Americans and is funded by the payroll levies.

I dont object to putting more money in peoples pockets, and there are lots of ways to do that, but not with Social Security, said Representative Rush Holt of New Jersey, who said hell have a hard time supporting the White House plan.

Should Congress fail to extend the break, set to expire in four weeks, millions of Americans will see their paychecks start shrinking in January. That would be a setback for the economy and could subtract 0.7 percentage point from economic growth, according to Mark Zandi, chief economist at Moodys Analytics.



Read more: http://www.bloomberg.com/news/2011-12-05/payroll-tax-cu...



We're decimating our postal service, weakening our nation's retirement plan, but our military budget remains untouched. Glad to see we have our priorities in order.
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