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Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
jtown1123 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-07-10 10:40 AM
Response to Original message
25. SUMMARY
1. In the new Obama/Republican Tax Cut Compromise, a 2-year payroll tax holiday (which funds Social Security) is included which would decrease FICA contributions by on the employee side.
2. 60 members of the Senate are UNWILLING to raise taxes. Considering the recent elections, a majority of the House will not want to raise taxes either. It is also likely we will have a Republican president in 2 years, or Obama will continue to cave to Republican demands, so, same thing.
3. The Payroll tax Holiday will then likely become permanent because pols are unwilling to "increase taxes" (like the Bush Tax Cuts) which will double the Social Security shortfall.
4. We end up with a "starve the beast" scenario. This funding shortfall will cause a crisis in Social Security which will eventually lead to cuts across the board (severe means testing where only the really indigent will receive SS) therefore obliterating widespread support.
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