Payroll Tax Cut Can Hurt Social Security

Payroll tax cut undermines the security of the Social Security Program

If lawmakers see Social Security as just one of the line items in the federal budget, there is not much to stop it from being caught up in an orgy of spending reductions.

When an economic agreement was reached in Congress recently which extended unemployment insurance, the Social Security payroll tax cut and retained present levels of reimbursement for doctors who accept Medicare, the response by many was a resounding “Hurrah.”

The perception was that Congress finally did something important with less posturing and brinkmanship and not quite as … Read the rest