This is a strange belief. Why in your mind would payroll tax be necessarily cut just because social security expenses drop? You do realize that social security is actually still running in the black, right? They are, right now, bringing in more money than they spend.
Guess what happens to the rest of the money: It gets spent elsewhere. Social security buys US Government debt with any excess, meaning it goes directly into the budget. In theory the SS trust has assets, but in reality the money is gone. It's one account holding a bunch of IOUs from a second account, and both accounts are owned by the federal government.
Guess what happens to the rest of the money: It gets spent elsewhere. Social security buys US Government debt with any excess, meaning it goes directly into the budget. In theory the SS trust has assets, but in reality the money is gone. It's one account holding a bunch of IOUs from a second account, and both accounts are owned by the federal government.