2010-12-09firedoglake.com

"Nancy Altman called the payroll tax cut in the Obama/McConnell deal the end of Social Security. In her view, the American political system circa 2010 doesn’t let taxes go back up, and so Social Security will face a revenue crisis faster with a reduced payroll tax. The money will come out of general revenue to pay for that payroll tax holiday, but that just makes Social Security more dependent on general revenue – and more vulnerable. That this is all coming at a time when knives have been unsheathed and are ready to hack away at Social Security makes it all the more dangerous."



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