When the president and Congress promised the Social Security payroll tax “holiday” was only temporary nearly two years ago, I said “who’s kidding whom?” There is no such thing as a temporary tax cut in Washington and Congress is proving that fact yet again. Diverting money from Social Security was a bad idea when it was first enacted in 2010, it was a bad idea when extended last year, and is still a bad idea now that this alleged “temporary holiday” has lasted two years.
Democrats should know better. Even though Social Security should play no role in any deficit debate, some Democrats continue to use Social Security as a bargaining chip in misguided attempts to force Republicans to finally put deficit-busting tax cuts for the wealthy on the table. Between plans to divert revenue from Social Security and proposals to cut Social Security benefits, it’s no wonder the middle-class has so little faith in Washington. Not only is diverting billions in Social Security contributions for a seemingly endless “tax holiday” not the best stimulus for middle-class workers; it’s also bad business for the program that most middle-class Americans will continue to rely upon in the future.
Good economics? No. Good Politics? Not a chance.
Max Richtman is the President/CEO, The National Committee to Preserve Social Security & Medicare