Payroll tax cut idiocy

The beat goes on. Forget about future generations, they don’t count. Just give us what we want now because we deserve it.
According to news reports, economists approve of reducing the payroll tax to 3.1% instead of 6.2%. The editorial you printed from the Kansas City Star urged support of it and the other proposals. The goal it seems is to put money into consumers pockets so they can buy goods predominantly made in China. Continuing to provide unemployment checks year after year does nothing to provide American jobs. The other items in my opinion are gimmicks which require Federal employees to monitor to try to motivate employers to hire. My position has always been to create a climate to encourage growth letting the employer consider all the factors in deciding to produce here or elsewhere.
I have no doubt the Republicans will support the payroll tax cut with their “no tax increase” mentality. They have tried for decades to destroy Social Security. The Democrats are supposed to support it. It is well known that there are fewer workers putting money into the system as compared to those of us receiving monthly checks. I looked it up and found that should the funds continue feeding the Trust Fund before the last reduction, the Fund was projected to maintain itself for an additional 25 years. After that the outflow would exceed income by 25%. As of December 2010 there was $2.6 Trillion in the Fund. The Obama plan would decrease these funds by $175 Billion/year, not counting whatever loss might occur if companies increase their payroll by $50 Million. It has been stated that 50% of the population don’t pay Federal Income tax therefore the only tax these people are aware of is Payroll. Shouldn’t every person pay into a retirement system they will expect to benefit from?
I am fully aware that Congress for generations now has been using these Trust funds for general expenses meaning that the balance is not real money but IOU’s from the government. Supposedly future government will make good. There is no guarantee which is why Governor Perry referred to it as a Ponzi scheme. He may be right.

Jack B. Walters
September 10, 2011