Louise Slaughter: “There is no surplus. The so-called surplus, 100 percent of it is the Social Security Trust Fund. We are overcollecting…”

“There is no surplus. The so-called surplus, 100 percent of it is the Social Security Trust Fund. We are overcollecting today in Social Security taxes. Seventy-three percent of Americans pay more in Social Security taxes to the United States Government than they do income taxes, with the idea that that money will be available tomorrow and the day after to pay future Social Security benefits. But guess what? The Republicans want to spend that money today. They want to over collect from 73 percent of the American public with the false promise of Social Security being there in the future, and they want to spend that money tomorrow in a new tax cut. That is the worst of bait and switch. At least they could have the guts to do both bills on the same day and say to the American people, 'Yes, we are spending your Social Security and tax cuts that will flow to a different group of people than paying the tax, but we think that's good policy. And don't worry, we'll somehow honor your benefits 10 and 15 years hence.' This is bad legislation.”