There is a lot wrong with President Trump’s announcement on Saturday that he would order the federal government to cease collecting Social Security payroll taxes for the majority of workers for the rest of the year.
The move is quite possibly unconstitutional. It’s a logistical nightmare. Employers could get stuck owing money. Workers almost certainly will. It won’t do a thing to help the unemployed, who obviously don’t have a paycheck. It’s not a permanent suspension, but something more akin to an interest-free loan. As of right now, the money will need to be paid back.
All that’s bad. But here is the worst part: When combined with his comments that he would like to “terminate” the payroll tax, which funds Social Security, Trump is revealing yet another con. He’s not, as he’s claimed from the day he announced his run for president, going to save Social Security. Instead, Trump is promoting a scheme to weaken the program that keeps a majority of the elderly out of poverty.