The Hill News

Nothing in the tax compromise worked out between the White House and Congressional Republicans is fraught with as much danger to the economic security of working Americans as the partial payroll tax holiday. Since its inception 75 years ago, Social Security has provided a dependable retirement income for millions of workers who contributed to the program during their working years. For many of these seniors it has meant the difference between a dignified old age and the ignominy of poverty. And for 75 years, the enemies of Social Security have tried without success to undermine the program.

Democrats have strongly resisted every one of these efforts to undermine the Social Security system â€" until now.

Notwithstanding the gratuitous hand wringing over Social Security’s ability to pay promised benefits by the Bowles-Simpson Fiscal Responsibility Commission, the 2010 report of Social Security’s trustees shows that the program can pay full benefits until 2037 and close to 80 percent of scheduled benefits after that. Polling data makes clear that a majority of Americans are willing to pay slightly higher taxes if that is what it takes for the system to pay full benefits into the foreseeable future. Social Security will be there to provide a financial floor for today’s workers when they get ready to retire. Only an act of Congress can render the system incapable of meeting its obligations.

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