Monday, February 27, 2012

Fox Business News: Why we can't afford the payroll tax holiday

Last week, Fox Business News addressed the issue that few politicians have the nerve to discuss.  The $10-Billion-a-Month 'Holiday' this County Can't Afford explains the lunacy behind addressing mounting debt by piling more debt on the Social Security system.  As explained by Fox Business News, members of Congress have taken the opportunity of an election year to give the American people a "holiday" from payroll taxes - by reducing the payroll taxes paid by workers from 6.2% to 4.2%.  Sound great!  More money in our pockets on payday and less to the government.  What this article describes that your elected officials aren't telling you is the cost of this "holiday."  The reduction has to come from somewhere and this "tax break" takes money, of all places, out of Social Security - to the tune of $10 billion per month.  Americans, especially of our generation, should be outraged.  In a time where bankruptcy of the Social Security system is a very real concern, our elected politicians decide to give us an election year "gift" by robbing from our future - working to ensure that the system itself may not be available for our generation at retirement.  Fox Business News goes on to explain options for much more effective tax cuts that would have an actual benefit to the economy without adding billions to the national debt every month.  Our generation is too interested in short-term gratification and not engaged enough in holding our politicians to task on preserving our future. We should take more time to become educated on issues such as these and not let politicians pull wool over our eyes during an election year. 

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