If this payroll tax holiday is continued for another eight years, the Social Security Trust Fund could be completely wiped out of funds. It’s interesting to note Democrats consistently oppose any ideas of privatizing Social Security, including Rep. Paul Ryan’s plan but are all too willing to threaten it’s solvency by robbing it of funds.
As retired university president Wade Gilley opined on the matter in the Richmond Times Dispatch, “I have difficulty understanding why President Obama, who seems to support Social Security, would propose to tear a hole in the bottom of the SS trust Fund, which will almost certainly ensure its end.”
In two months when the payroll tax holiday jig will be up and I don’t think House Tea Party freshman will have the appetite to extend the this “tax cut” through the end of the year nor should they. Speaker Boehner would be wise to get Senate Minority Leader McConnell on his side and advocate discontinuing yet another Obama stimulus gimmick.
In 2012 Republicans message to the American people should be: “Rather than focusing on real job creation and tax policy reform, President Obama wants to risk ending Social Security as we know it by giving you a miniscule payroll tax cut.” Republicans need to hammer away that Barack Obama’s relentless pursuit of the same old failed policies has kept our country mired in the same old mess of high debt and joblessness. The only way out of this quagmire is to reverse course away from the out-of-control, directionless spending.