NEW YORK (CNNMoney) - In all the talk about whether to extend the Social Security payroll tax cut, a lot of the focus is on the economy: Will the recovery suffer if Congress lets it lapse?
Much less prominent in the discussion is the potential effect of the payroll tax cut on the Social Security trust funds.
These republican need to be voted out of the office so we can pass the payroll tax cut and keep social security for not being cut once the the repub is out the office the middle class will see so much benefit that going to keep money in there pocket.
I've never understood why this cut was implemented the way in which it was. There are many reports that say that the trust fund has been repeatedly used to "invest" in Treasury bonds, which means politicians raided the fund to pay for things when tax revenues came up short. Technically, the trust fund probably has untold billions in IOUs, maybe even a trillion or more. But, I still understand why this cut was implemented the way in which it was.
When the system goes belly up, the liberal media will proclaim how great it was tha the most incompetent, inept, corrupt, union toady president that ever was robbed it to win an election by giving money to those who can't get jobs because they can't pass the drug test, all so he could get their votes.
The title; Social Security Trust Fund is an oxymoron! There is little security and the word TRUST is a joke in Washington. For every day that payrole taxes are waved (FICA) our Social Security system is gutted even more. Like other Americans, I have contributed for 40 years into the fund and Washington has spent the money elsewhere. If I hear one more Liberal refer to Social Security as an "Entitlement" I'll get sick. IT IS A CONTRACT that Government promised working Americans that PAY into it!. Now Obama's Growing 15 Trillion dollar debt with NO end in sight threatens it's existence even more by NOT cutting SPENDING. Deceitful!