Home > Economy, Insights and Commentary, Politics > $111 Billion Hole in Social Security in 2011-12 “Tax Cuts”

$111 Billion Hole in Social Security in 2011-12 “Tax Cuts”

January 3, 2011

We heard today the truth of the matter about the so-called middle class tax cut. As mentioned on this blog repeatedly, it is not a tax cut, but a reduction in your contribution to social security. The cost over the next two years? $111 Billion.

This is a travesty. The President has done no favors for the everyday American who is counting on Social Security to be solvent and fully funded. I suggest taking any of that money you realize in your paycheck and reinvest it in a Roth IRA. Do not spend it. The other thing is, the less money you put into the SSI system, the less ‘points’ you receive towards your social security benefits. Check your Social Security newsletter to see where you are in your qualifying point level.

Again, the trade off for $2 trillion in tax reductions for the wealthy was a stab at Social Security. Whose side is Obama on? This is another move away from the fundamental Democrat party principals.

Face the Nation transcript, January 2, 2011

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