A one-year cut in payroll taxes that working Americans pay to finance Social Security was enacted last year in the name of so-called economic “stimulus.” But, like the rest of the economic stimuli that have come from Washington over the last three years, the only thing that has been stimulated is the growing hole of national debt into which we sink deeper and deeper.

But now, not without surprise, our president and his Democratic colleagues want to continue, and possibly expand, this payroll tax holiday despite its obvious failure.