Wow, really, are Democrats now a party that want to gut Social Security in favor of tax cuts?

[pampango]

49. FactCheck.org: Bachmann wrong that payroll tax cut hurts the SS Trust Fund.

http://factcheck.org/2011/12/bachmann-wrong-on-social-security-jobs-debt/

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.

Bachmann, Dec. 18: Well, I didn’t support it a year ago when it was first proposed, and the reason why I didn’t is because it, it denied $111 billion to the Social Security trust fund. I didn’t think that that was a good thing to do last year. I don’t think it’s a good thing to do this year. … t’s put senior citizens at risk by denying the $111 billion to the Social Security trust fund.

Reducing the Social Security payroll taxes paid by employees by 2 percentage points (to 4.2 percent) obviously brings in less money for Social Security. But the trust fund isn’t suffering as a result. The government must cover the shortfall with general fund money.

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.

Congress and the White House are now working to pass an extension of this tax cut, and arguing over how to pay for it. Paying for it, of course, would mean the trust fund again won’t be shortchanged.