Dean Baker: The Payroll Tax Cut Did Not Cost Security Revenue [View All]

[ProSense]

The Payroll Tax Cut Did Not Cost Security Revenue

The NYT wrongly told readers that the payroll tax cut cost Social Security, "resulted in $67.2 billion of lost revenue for Social Security in 2011." This is not true. The tax cut was fully offset by money from general revenue so that the trust fund was unaffected by the tax cut.

That lie has been flying from every corner!

Expect the media to begin their typical distortions in favor of the GOP. It's the only way they can make this a "fair and balanced" fight!