With all of the anger about Obama's collapse in giving a gigantic present to the rich, as a reasonable alternative to standing up to the Republicans, scant attention has been given to an equally malignant part of this historic failure. That is the cut to the payroll tax. This is the money that funds social security. So, instead of standing up to the rich and demanding that they pay their fair share, Obama is going to short the social security trust fund by $120 billion over the next year, to fund the government. And in the run up to the 2012 election, Republicans are going to scream bloody murder that, if Obama doesn't continue the payroll tax cut, he is "raising taxes," just like they are doing with the Bush giveaways to the rich. And Obama will cave, because he will let no long-term looming disaster get in the way of his lunatic notions of how to win re-election.
The end result of this will to be to take the Social Security system, which despite all of the Republican lying for the last three decades, is doing just fine, and accomplishing what the Republicans never could: driving it into insolvency. Obama is about to achieve what the Republicans have fruitlessly dreamed of for years: destroying the greatest legacy of his supposed role model, Franklin Roosevelt, and in the process, taking a moribund Republican party and resurrecting it into our rulers.