Extending the Social Security Tax Cuts Proposed by Obama is a Bad Idea

It is a horrible idea. It is wrong to diminish the amount Americans pay into Social Security at a time when the program is at risk of insolvency. While the moves add to the deficit, the administration has said the trust fund would not be affected because the money would be shifted from the general fund and because the change is temporary.

Liberal Democrats were not convinced, and they began campaigning against extending the tax break when it was first broached earlier this year.

When Obama first pushed to include the proposal in a tax package in December, House liberals said the tax holiday would threaten the Social Security trust fund, which is maintained through the payroll levy. Now that he wants to extend and deepen the tax cut, a number of House Republicans are making the same argument.

http://blogs.reuters.com/reuters-money/2011/09/09/would-obamas-payroll-tax-cut-hurt-social-security/