Cutting the FICA Payroll tax by 2% (net 30% cut) is politically expedient for both parties and has put some more nails into the coffin of the Social Security System...
For these anti-union thugs out there...We are still paying 100% of our retirement into our Pensions, and not 30% less....
In my case that would be 10% of my income vs. the 4.2% (instead of 6.2%) people pay into Social Security. Which is great by me. At least we will have a retirement system that is fully funded and works.
Don't make me laugh about killing SS. Do you have any fucking idea what you are talking about? We OWE SS close to 2.5 Trillion and you are telling us SS is killed? Those years SS was in the red because of the tax reduction their assets still grew - how? Well it's something called debt service and both years it's was in the black (2009 & 2010 - don't know about 2011). All we need to do is a minor tweak to SS to fix it FOREVER - and that is to raise the ceiling to 180-200K and then let it stay at 90% level of all salaries by making adjustments. Raygun and Tip O'Neill fixed SS but the salary deduction levels did not keep up with the rise in average salaries hence having 90% contribution levels sunk to 84%. This still kept SS in the black but by 2035 the trust fund would be exhausted and benefits would only be paid at about 80% FOREVER. So if we do nothing SS will still pay benefits FOREVER.
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