WASHINGTON (AP) — Some Social Security advocates fear that President Barack Obama's desire to cut taxes supporting the program will undermine its vaunted stature as a self-financing pension system that provides checks to retirees based on contributions they made while working.
For now, though, the administration insists — and many experts agree — that the proposal would have no impact on the program's financial soundness or ability to pay benefits averaging $1,077 a month to 55 million recipients..
Cutting Social Security taxes is the keystone of Obama's $447 billion plan to create jobs and leave more cash in people's pockets, an effort by the president to bolster the ailing economy and his own 2012 re-election prospects.
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