The payroll tax cut is NOT affecting Social Security Trust fund. This is just one of many posts that have made this very clear, but somehow right here on DU the facts are blurred.
http://factcheck.org/2011/12/bachmann-wrong-on-social-security-jobs-debt/
"Shorting the Trust Fund?
Bachmann said she didn’t support last year’s payroll tax cut, because it took money from the Social Security trust fund and “put senior citizens at risk.” But that’s not true. The Social Security and Medicare Boards of Trustees said that the tax cut would have “no financial impact” on the trust fund."
"The Social Security and Medicare Boards of Trustees said in its 2011 report: “The loss of payroll tax revenue due to this one-year reduction will be made up by transfers from the General Fund of the Treasury to the OASI and DI Trust Funds and will thus have no financial impact on either program.”
The Congressional Budget Office estimated that the tax cut, passed in December 2010, would reduce Social Security revenues by about $115 billion in fiscal 2011 and 2012. Again, that shortfall will be covered by the general fund. The trust fund isn’t being “denied” any money, as Bachmann claimed.
We get enough crap from FOX news without repeating it on the DU.
Thanks for your attention to this matter.
PS. What ever happened to spell check?
