Cutting the payroll tax by 50% DISMANTLES the 75 year struggle that STRENGTHENED Social Security &.. [View All]

...built Social Security into the most fiscally sound federal program of all history....indeed, the ONLY federal program that has been not only totally self-funding but which has built a $2.3 trillion surplus sufficient make Social Security solvent until 2037 with no reduction in benefits.





To extend Social Security solvency to 75 years and beyond, relatively minor changes are required. This could be as simple as lifting the cap on FICA taxes (currently at $106,000).

But the financial security for Americans in their senior years did NOT happen spontaneously, nor did funding guarantee this security when the Social Security bill was passed in 1935..... To the contrary, this solvency through 2037 was the result of 75 years of struggle which included sound reforms by prior Congresses which gradually RAISED payroll taxes to levels which have made Social Security the most fiscally sound (perhaps the ONLY totally self funding) federal program of our history.

While to guarantee Social Security solvency to 75 years and beyond without slashing benefits requires relatively MINOR revenue enhancement, it DOES require that any changes are those that ENHANCE Social Security revenues.





Cutting the payroll and self-employment FICA tax rate, which right wing Republicans have advocated for years (and which progressives have overwhelmingly opposed for years), by ANY amount, not to mention by FIFTY PER CENT, will be more than just a minor move in the wrong direction in guaranteeing Social Security solvency for 75 years and beyond...... It will (as long term right wing proponents of payroll tax "holidays" and cuts have long known) be a MORTAL BLOW to the entire public & self funded, fiscally sound Social Security system:

Such a move would guarantee the transition of Social Security from the most popular & successful federal program (a self funded UNIVERSAL RETIREMENT PROGRAM supported overwhelmingly by all income classes of Americans other than the uberlords) into little more than a welfare system providing minimal benefits doled out arbitrarily according to the whims of future Congresses.





The right wingers whose strategy to dismantle the broad-based, near universal support for Social Security by first destroying its fiscal stability through payroll tax "holidays" and cuts, know that it will be politically extremely difficult for such revenue sources to ever be re-strengthened. That is why the clamor for cutting the payroll/self-employment tax has come from the most extreme of the right wing for years.

They also know that the key to destroying the near universal public support of Social Security is to transform it from a universal public retirement program (that can be counted on by all classes of Americans to supplement their retirement (and fully funded by their contributions) into no more than a welfare program doled out by the whims of future politicians.







Yes, Mr. President, a massive federal program to re-build our long neglected infrastructure is long overdue.



But "The American Jobs Act" is insufficient to restore our long-neglected physical infrastructure and economy (upon which Ed Rendell has elaborated).



Moreover, of equal or greater importance, planting the seeds that will guarantee the transformation of Social Security into no more than a minimal welfare program is COUNTER-PRODUCTIVE to the admirable objectives of restoring our infrastructure, addressing un-employment, and continuing to secure the fiscal stability, and public support, of our most vital public programs.









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