February 20, 2012

$20 a week costs $100 billion a year | Charleston Daily Mail

In the final days of 2010, President Obama proposed a scheme that may have mortally wounded Social Security. He urged, and a Democratic-controlled Congress agreed to, a "one-year" cut in what they euphemistically called the payroll tax.

In reality, this is money the Social Security system needs to pay benefits. President Obama and Congress diverted $100 billion in revenue from Social Security.

Now the nation is extending that "tax cut." Republicans appear to be going along to get along on this issue.

Supporters say at least $100 billion is being transferred to Social Security from the general fund to offset the loss of income.

That's ridiculous. The general fund has no money to give. The federal government is borrowing two of every five dollars it now spends.

Sen. Joe Manchin, to his credit, references reality.

"Our debt ceiling is at a record-high $16.4 trillion," he said. "By 2022, according to the president's newly proposed budget, we will be $25.9 trillion in debt."

Manchin condemned "short-term Band-Aids that create long-term obligations that will take years for future generations to repay," adding:

"I didn't come here to put the next generation into more debt. I came here to get them out of it."

Obama will end his first term having spent nearly $6 trillion more than taxpayers gave him to spend. The president's proposal calls for nothing but deficits as far as the eye can see.

Congress disappoints when it plays politics with Americans' money.

As Manchin noted. Social Security paid out more than it took in last year, and that will get worse.

With 77 million baby boomers segueing into retirement, the Social Security System is adding 10,000 new beneficiaries a day.

By:  Editorial
Source: Congress and Obama damaged Social Security with a tax cut