Payroll tax cut extension: Good or Bad

Congressional Republicans have decided  to extend the payroll tax cut through the end of the year without any offsetting cuts, this is being reported in two ways. In the MSM (http://www.cnn.com/2012/02/13/politics/payroll-tax-negotiation/index.html?section=cnn_latest) its being reported as a cave-in Republicans but some (http://www.zerohedge.com/news/gop-finally-discovers-obamas-achilles-heel-just-let-him-do-what-he-does-and-encourage-it) see it as a political move to ensure the debt limit is reached before the election. The question is, what does this do for the future of Social Security etc. and for their financial security?
The payroll tax cut takes $40 less per paycheck while also reducing money going into the Social Security "trust fund". If everyone takes this $40 and puts it towards retirements or savings then there is no question that the cut is a good thing because you are putting money the ostensibly is for retirement towards that end and you will actually get it.
The payroll tax cut extension  will also cause that the inevitable insolvency of Social Security come to a head sooner forcing politicians to act. The way SocSec is structured (as well as medicare and medicaid) it is unsustainable and it needs to be eliminated or changed substantially. SocSec can only (practically) be changed when politicians feel that its necessary in order to be reelected and anything that makes this clearer sooner is a good thing.
The problem with the payroll tax cut is that being that SocSec is part of the budget, politicians are able to hide what is the driver behind the debt and future deficits. Prior to this Republican "Turnaround" the discussion was how to offset the taxcut with cuts to the "regular" budget, if this is how they look at SocSec then they wont be looking at how to fix it. Soc Sec is supposed to be contributions to a retirement fund but when it isn't and its part of the regular budget its a lot harder to talk of the need of reform. The bad part of the payroll tax cut is, the deficit needs to be reversed ASAP and the payroll tax cut increases it.
In conclusion if we are responsible with our $40 dollars and save it/pay down debt then the benefits outweigh the loss of increased deficits.