The Odd Payroll Tax Reduction
The tax deal working its way through Congress at the moment includes a 2 percent payroll tax deduction. This is very much so a case of short term thinking and very dangerous.
Politicians are cowards. Anyone who argues differently is insane. No politician will deal with a real problem now that they can’t shove down the road. We’ve seen it time and again by our “leaders”. Before you think I am screaming at one party or another, please note I think both the Democrats and Republicans are a complete jokes as political parties.
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At issue now is the payroll tax reduction that is included in the new tax deal to extend the Bush Tax Cuts. Providing financial stimulus to the economy is a smart move at the moment as we try to get things humming again. No argument there. The problem is how they are going about doing it. The move to run up debt is troubling, but this particular debt is a major worry.
In 15 years, there ENTIRE federal budget will be dedicated to paying the bills of Social Security, Medicare, and a few other programs. This excludes paying for things such as, oh, the military. In short, we have a huge debt problem. The new payroll tax reduction is a head slapper. Why. It is further reducing the money paid into Social Security, a program that is already so heavily underfunded that it started paying out more than it takes in as of 2010.
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Our nation is blazing down a railroad towards a bridge that is broken and gaping over a huge valley. The fact we are now carrying a national debt of nearly $14 trillion is a disgrace. Now throw in “unfunded liabilities” that the government doesn’t include in the debt and we are looking at a figure closer to $100 trillion.
I love my country, but must admit I hate my government. I encourage you too take a close look at our financial future. Don’t believe me or anyone else who is opining on it. Be smart. Get the facts yourself and draw your own conclusions. I think you will be startled when you see what is out there. The payroll tax reduction is just another financially insane move.