December 05, 2010
Deny Congress FICA Payroll Tax in the General Fund
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It was not just a “change in budget presentation.” The net result of lending payroll tax to the federal government under a unified budget was divestiture of all trust funds. Congress then spent surplus payroll tax, instead of leaving it in the trust fund and investing it in money market investment accounts, for example, to earn interest and preserve capital during years of surplus payroll tax. Instead of asking the American worker to compensate for Congress’ fiscal irresponsibility, Congress should re-capitalize the Social Security Trust Fund with payroll tax deposits. Any deficit in receipts needed to pay benefits should then come from the General Fund.
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I don’t understand why we continue the fiction that this is a “separate program”, “insurance”, or even an “entitlement”. It’s a welfare program that has been marketed
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