As I suspected, Republicans backed down on the misnamed “payroll tax cut.” (Why did they even bother to raise an objection if they weren’t willing to stand on principle?) Americans, judging from all the sob stories over losing $20 a week that Mr. Obama produced yesterday, have already become dependent on this economically useless “temporary” measure.
Now the question becomes how we are going to pay for all this largess. The money will come out of the so-called “Social Security trust fund,” so how will it be made up? I don’t expect any real commensurate spending cuts. Will we borrow more from China, raise taxes later, or lower benefits? Money don’t grow on trees, folks.
Well, at least I’m getting some of my money now, since people like me cannot realistically expect to get a full Social Security benefit when we retire. Of course, this “tax cut” will make collecting all the harder, since it undermines the financial integrity of this already shaky program.