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Sun Aug 9, 2020, 11:16 AM

Biden statements on .."Trump's Executive Orders to Sow More Chaos and Confusion"

https://medium.com/@JoeBiden/statement-by-vice-president-joe-biden-on-president-trumps-executive-orders-to-sow-more-chaos-and-876805b13d08


Unable to deliver for the American people in a time of crisis, Donald Trump offered a series of half-baked measures today. He is putting Social Security at grave risk at a time when seniors are suffering the overwhelming impact of a pandemic he has failed to get under control. And make no mistake: Donald Trump said today that if he is re-elected, he will defund Social Security.

For months, Trump has golfed rather than negotiated, and sown division rather than pull people together to get a package passed. Now, instead of staying in Washington and working with Republicans and Democrats to reach a bipartisan deal, President Trump is at his golf club in New Jersey signing a series of dubious executive orders.
This is no art of the deal. This is not presidential leadership.

These orders are not real solutions. They are just another cynical ploy designed to deflect responsibility. Some measures do far more harm than good.

One order is Donald Trump’s first shot in a new, reckless war on Social Security.
Trump announced a payroll tax plan with no protections or guarantees — like the ones the Obama-Biden administration enforced a decade ago — that the Social Security Trust Fund will be made whole.


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Reply Biden statements on .."Trump's Executive Orders to Sow More Chaos and Confusion" (Original post)
Budi Aug 9 OP
dalton99a Aug 9 #1
progree Aug 9 #2

Response to Budi (Original post)

Sun Aug 9, 2020, 11:25 AM

1. Kick

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Response to Budi (Original post)

Sun Aug 9, 2020, 12:11 PM

2. the ones the Obama-Biden administration enforced a decade ago -- that the SSTF will be made whole

Biden statement:
the ones the Obama-Biden administration enforced a decade ago — that the Social Security Trust Fund will be made whole


For a couple of years during the Great Recession, the Obama-Biden administration reduced the payroll tax on the employEE share by 2 percentage points, from 6.2% to 4.2%, while leaving the tax on the employER share unchanged at 6.2%.

At the time, I looked into how that affected Social Security's future. It turns out that the payroll tax difference was made up by the Treasury's general fund. Or to put it another way, the SSTF accounting was done exactly the same way as if it was receiving the full 12.4% (6.2% + 6.2%) instead of the actual 10.4% (4.2% + 6.4%).

So the SSTF balance was not affected by so much as a dime, nor was the projected SSTF depletion date affected by so much as a minute by what was called the partial payroll tax holiday.

I went into all that at great length back in 2012, including statements by the Social Security and Medicare trustees
https://www.democraticunderground.com/1014356331#post12

As for what Caligula has just done, and assuming it stands -- it is a temporary deferral for at most a year, so it has to be paid back. This is stated in several articles I've read in the past 12 hours.

If he gets reelected and succeeds in changing the law -- who knows, I don't. Frankly, I don't like anyone messing with Social Security -- there are other ways to give tax breaks or extra income to workers.

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