Senator Tom Harkin (D-Iowa) charges Obama with "beginning the unraveling of Social Security"

[Major Nikon]

56. At best they are simply grandstanding on a moot point

Due to federal accounting rules the previous FICA surplus was offsetting the reported deficit just as the trust fund was offseting what was being reported as the total federal debt. Once SS outlays exceed FICA income, the difference will be reflected in the reported deficit along with proportional increases to the total federal debt.

Politicians will never allow the SS trust fund to be fully utilized. Wait and see. Benefits will be slashed at some point, and probably sooner rather than later. None of this has anything to do with the payroll tax holiday. If this doesn't happen the reported deficit and the reported federal debt will continue to climb by leaps and bounds (which you might as well say the actual deficit and federal debt since nobody thinks of those things without the FICA and SS trust fund offset).