The Norman Transcript

October 29, 2012

It’s too little, too late

The Norman Transcript

NORMAN — Two years ago Social Security taxes were lowered by 2 percent, which resulted in an increase of about $1,000 a year in the average paycheck.

Now it seems that Congress is poised to delete that tax decrease and return Social Security withholdings to the former level. ...

Anyone paying attention to national fiscal matters knows that the long-term costs of Social Security and Medicare are becoming far too expensive to sustain either program.

Remember that the purpose of the Social Security withholding reduction two years ago was to increase consumption in the private sector and to increase the growth of our gross domestic product. But the growth in the GDP has decreased in that same two-year period.

On the other hand, such a tax “cut” amounting to about $1,000 per year is a very popular one today, even though it increases the vulnerability of the Social Security system.

It is our position that the original tax cut was too little, too late to make a difference, and Social Security funding should be returned to its previous legislative level now.

— The Joplin Globe, Joplin, Mo.

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