Obama threatens Social Security

Obama Threatens Social Security
William Greider | The Nation
December 9, 2010

The most dangerous feature in the president’s proposed compromise on taxes is not the $700 billion tax cut for billionaires. It is the Trojan horse provision that threatens to destroy Social Security by undermining the longterm solvency of the social insurance system.

Barack Obama has proposed to knock two percent off the FICA deductions every worker regularly contributes to the Social Security Trust Fund, the money set aside for their future retirement benefits. Obama’s one-year tax relief sounds attractive and workers can surely use the money, but the consequences could prove deadly for the federal government’s most popular program.

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