Sunday, February 19, 2012

Quotation for Today: The Great Undoing of the Social Safety Net

The undoing of the social safety net is the theme for today's quotation.

"We would like to see an endgame to make sure the dedicated [Social Security Trust Fund] revenues come back." 
Eric Kingson

Eric Kingson is a professor of social work at Syracuse University and co-director of the Washington advocacy group Social Security Works.  Kingson's comment is aimed at the reduction of the formerly-dedicated payroll tax that supported the Social Security program. Kingson questions whether the employee-employer combined tax rate of 12.4% will be restored.

The Social Security tax is usually split evenly -- 6.2% each -- between worker and employer.  The recently enacted cut in the Social Security tax rate reduces the rate to 4.2% for workers; employer rate remains the same.

Hiltzik, Michael. "Payroll tax cut undermines Social Security's security." Los Angeles Times 19 February, 2012: online edition.

Related information:

Maxwell School of Syracuse University. Center for Policy Research, Eric Kingson.

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