“… The total payroll tax … finances Social Security and Medicare. Both of those retirement funds are already running out of money. … Granted, in some respects the trust funds are accounting gimmicks, because government funds essentially are fungible. But when those trust fund reserves are depleted, the government will be forced either to substantially cut benefits or to subsidize the trust funds from the ‘general’ fund that already is running frightening, record-high deficits each year …”
Read the full article on: Washington Examiner