General Discussion

Miles Archer

(22,667 posts)

7. Yes.

Wed Mar 11, 2020, 02:46 PM

Mar 2020

What Trump is proposing to cut, to be clear, are Federal Insurance Contributions Act payments. As the name indicates, these payments are not general taxes, but insurance contributions, or, in today’s parlance, insurance premiums. By law, they can only be used to pay Social Security insurance benefits and their associated administrative costs. Social Security has no borrowing authority. Consequently, Social Security does not and, by law, cannot, add even a penny to the deficit. If Social Security were ever to have insufficient revenue to cover every penny of these costs, those benefits would not be paid.

https://www.rawstory.com/2020/03/trump-is-using-the-coronavirus-crisis-to-to-launch-a-stealth-attack-on-social-security/

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JEEPERS, What a SURPRISE! Look who gets the fattest checks from Trump's "payroll tax cut." [View all] Miles Archer Mar 2020 OP

He even looks like the Grinch. CaptYossarian Mar 2020 #1

If the Grinch ate nothing but spam flibbitygiblets Mar 2020 #3

If that's the Lorax in your message box, you're probably CaptYossarian Mar 2020 #4

Not those that need it that's for sure. BlueWeirdo Mar 2020 #2

It defunds SSI, doesn't it? Bernardo de La Paz Mar 2020 #5

Yes. Miles Archer Mar 2020 #7

If a worker cannot report for duty, Ilsa Mar 2020 #6

Again - trying to exploit a tragedy lame54 Mar 2020 #8