Posted on 11/29/2011 4:54:09 PM PST by rabscuttle385
WASHINGTON, Nov 29 (Reuters) - Republicans in the U.S. Congress on Tuesday threw their support behind a payroll tax cut extension, trying to blunt charges ahead of 2012 elections of favoring wealthy Americans over middle-class workers.
Until Tuesday, Republicans had been lukewarm on extending President Barack Obama's payroll tax cut for workers, indicating they were open to negotiating it but never explicitly backing a measure, which the White House says will boost the country's sputtering economic recovery.
(snip)
"In all likelihood we will agree to continue the current payroll tax relief for another year," Senate Republican leader Mitch McConnell said after a closed-door meeting of his colleagues.
McConnell said there was now "a majority sentiment" among Republicans for continuing the temporary tax cut.
(Excerpt) Read more at reuters.com ...
In years past SS ran surpluses which are now being depleted at an alarming rate as you indicate. As yet however, they are still a surplus so SS has NOT added to our deficit. It certainly will if something isn’t done soon. The government doesn’t have the money to repay what it has borrowed (some would say stolen) from those surpluses, and that is what makes many people believe SS is already adding to our debt.
You are misinformed. The only accounting that matters is cash flow. Until about 2 years ago, SS ran a cash flow surplus. It is now running a deep, cash flow deficit partially because of the payroll tax reduction. Do not be confused by trust funds and intra government borrowing. Cash flow is the only method to understand SS accounting.
As yet SS has not spent more than it has taken in.
I'm quite happy, but then again, I'm using the extra 3 percent to pad my 401k and IRAs.
If they give up on the pretense that this is "insurance" then its nothing more than welfare and it ought to be means tested and the payout age ought to be pushed back until its solvent, say to age 73 or so.
This is one of those Ponzi Schemes that people are going to go ballistic over when they "find out" its just welfare.
BTW, about half the country pays for SS but not income taxes. Yea , lets get rid of this and just crank taxes up on the "rich", thats the ticket. Wont that be great for the "economy" ?!
A bigger ponzi scheme is our debt.
So you want to raise taxes to pay for our debt?
The fact that the Dems don’t want to cut spending isn’t a reason to end the Bush tax cuts, and it isn’t a reason to make me pay more money into the Social Security Ponzi scheme, either.
You’re making Nancy Pelosi’s argument for higher taxes — if we don’t raise taxes we’ll have more debt!
I don’t buy her argument for ending Bush tax cuts, and I don’t buy the same argument when it says I have to pay more out of my paycheck, for SS taxes.
So explain why you think I should be forced to pay more out of my salary into the “Social Security System”?
Unlike a private retirement account or annuity, Social Security is not an investment fund and Congress could end payouts at any time, with no liability to any taxpayer for reimbursement. It’s an income transfer program; the money goes in and is spent immediately. You’re paying taxes without creating any legally guaranteed equity or assured return. It’s a fraud, or a mirage to be generous.
Let me keep the money I earn, so I can invest in a REAL retirement account.
The fact that Obama and Reid are for a tax cut doesn’t mean I’m going to say “no” to keeping more of the money I earned for myself and my family. If Obama and Reid told you your nose was pretty, would you cut it off to spite them?
Ridiculous. This is another scam and fiscally reckless policy.
?????? This is a moronic policy. Unless you cut benes you can’t cut the funding. This is fiscal recklessness.
Bingo - this is bi partisan fiscal criminality.
You might as well be talking to a wall, Willie dont get it. The Democraps will cut SS taxes and replace them with more "progressive" income taxes, and when SS starts to go bankrupt they will means test it and remove the cap for paying into it, giving us the highest top marginal taxes in the world. Spending will never be reduced. This is only the first step, Obama knows where hes going, numbnutzes like Willie havent a clue, tho.
Yes, we can.
Ridiculous. That’s ponzinomics. Sorry , whoever s feeding you that carp is delusional. Its basic math. With more people collecting than ever, and less paying in, doing this only makes problem worse. We need to cut the benes, promises, and taxes, not just the taxes. That’s pure idiocy.
For people who are retired or near retirement this “payroll tax cut” will make the system become insolvent sooner. It will also make the problem more difficult to fix.
If the elderly have their Social Security income taken away do you really think the politicians will not blame people such as you and I and call us greedy and demand to confiscate more of our hard earned money?
Good catch.
I think you are counting government borrowing from SS as spending by SS. Of course SS needs to be ended or amended ASAP, but to blame that program for our current deficit problems is just wrong.
Who doesn’t want to pay off their debts? Thieves?
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