President Obama will call for a a $300 billion jobs program on Thursday night, with a series of different policies on the tax and spending side, according to multiple reports. Here’s just a sample of what Bloomberg highlights:
Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers [...]
The main components of Obama’s jobs plan, though not its scale, have been largely telegraphed by the administration. Obama has pressed Congress throughout the year to renew the payroll tax holiday along with extended unemployment benefits, which also expire Dec. 31. Backing for a reduction in the employer contribution to the payroll tax has been under consideration since at least June.
The direct aid to local governments will focus on halting layoffs of teachers as well as first responders. Education will be a theme in Obama’s address and he will also propose as part of his infrastructure program money for school construction. Some of the infrastructure spending also would come from additional spending on roads, bridges and other surface transportation projects.
So this is in the ballpark of what has been expected all along. We can divvy it up into five separate components:
1) tax-side stimulus. There you have the extension of the payroll tax cut, with a new employer-side cut, perhaps targeted only to firms that hire more workers on aggregate, as has been discussed.
2) infrastructure. Included in this is some amalgam of the surface transportation bill and the national infrastructure bank, along with Jared Bernstein’s FAST proposal for fixing and upgrading American public schools.
3) direct state aid. This is slightly new for this round, but still desperately needed. Jobs statistics for the past two years routinely show cuts in the public sector offsetting whatever gains exist in the private sector. Teachers and firefighters and cops and nurses are being laid off across the country. Stopping this corrosion is one of the best things the federal government can do right now.
4) help for the unemployed. Re-upping extended unemployment insurance benefits would be part of this, but also you can expect a program for long-term unemployed modeled after Georgia WORKS, which allows long-term jobless to collect benefits (as well as a small stipend) and essentially intern at local companies for a short-term assignment. This is controversial, as the benefits of Georgia WORKS are mixed at best, and labor leaders have questioned whether it violates federal laws to allow free labor for corporations. If you pushed this envelope further and made it a wage-subsidy policy, you might have something, but this appears tailored to catch the eye of Republicans.
5) mortgage relief. It’s possible some kind of mass-refinancing scheme gets announced, although there are hurdles, mainly FHFA Acting Director Ed DeMarco, who is reluctant to refi many borrowers who wouldn’t normally qualify as well as negate any representations and warrants liability on the part of the banks. There’s also the fact that banks don’t appear to be able to keep up with the refinancing applications at present, and there should be no faith that they would be able to support a surge in such work.
Let’s briefly look at the numbers. A $300 billion scheme would amount to around 2% of total GDP, and that’s being charitable by saying that this would all be used up in one year. That would have an impact, but half of this would be supply-side solutions that haven’t inspired much confidence during the recession. The question of whether temporary tax cuts are spent is a good one to ask. Especially on the employer side; if minimum wage increases have no effect on jobs, then surely tax subsidies to make hiring cheaper wouldn’t either.
What’s more, $112 billion of this $300 billion would come just from that extension of the payroll tax cut, which is already in place. That’s not stimulative, it’s just an extension of current law. So would be the $55 billion or so for unemployment benefits. Letting them expire might be undesirable, but just keeping them in place would just maintain the status quo, which last month created something on the order of zero jobs. The rest of the items amount to $130-$140 billion, not nearly enough to fill the demand gap hole. Actual direct public works spending is scant, and the supply-side faerie dust irrelevant to the actual problem.
And of course, I’m talking in the hypothetical world where any of this can get passed. John Boehner and Eric Cantor want to hold a meeting with the President before the speech, presumably to tell him to his face that nothing he proposes will ever become law. They say they want to find “common ground” on reducing regulatory uncertainty. Given the ozone rule rollback last week, it’s likely there is plenty of ground there.
Maybe Cantor and Boehner will like next week’s speech better. Keep in mind, the jobs address was originally intended to be a deficit address as well, with a package of plans that would “pay for” the jobs spending. Somebody got to the White House and told them this would be a horrible idea, so instead, they’re splitting the two policy proposals, and will distribute their “grand bargain” deficit plan to the Catfood Commission II next week. Again, back to Bloomberg:
Obama will call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional panel charged with finding ways to reduce the nation’s debt [...]
Obama will unveil a framework for the deficit reductions next week, including changes to Medicare and Medicaid, in addition to other cuts in contributions to military pensions and farm subsidies.
What a deal! For the sake of a jobs plan that has no chance of passing, old people and veterans get shafted!
If this is a policy document, it’s both inadequate and dangerous. If it’s a political one, it stays within well-drawn lines, rather than screaming what even the bond markets say the world needs – a complete reordering of fiscal policy to deal with a raging crisis. Yet we still have a Democratic Administration playing mostly on Republican turf.




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Thanks DDay.
Unprintable. Unprintable. Unprintable.
DD says
“Yet we still have a Democratic Administration playing mostly on Republican turf.”
Let me fixed this
We have a Republican Administration using Republican ideas, that will not fixed the USA economy.
The day is coming, when Dems will have to call OBAMA what he is, a Republican. “most Dems I know, consider OBAMA Black Reagan”
New York marketing firms have done a tremendous job with the OBAMA brand.
The media makes you think OBAMA is smart and in control.
However when one looks at the numbers, “men and women lie, numbers don’t lie”
the OBAMA numbers:
record un-employment
record number of USA citizens on food stamps
record number of public sector job losses
zero to no job growth in the last 3 years
record un-employment among Blacks and Hispanics
and the list goes on and on
When one looks at the numbers, one clearly realizes that OBAMA is as dumb as Sarah Palin, Rick Perry, Mitt Romney, Bush, etc.
Nothing about OBAMA screams intelligent
Like Bush, USA citizens look at OBAMA and see a guy they can have a beer with.
Is Obama the dumbest Democrat to ever become President?
or
Is Obama a Trojan Horse?
he is 1 of the 2
If OBAMA continues down this path, the Left will start calling OBAMA Bin Laden Twin, because OBAMA does not care or give a damn about 90% of USA citizens.
Name 1 idea listed above that will help the Jobless?
So tax cuts are good now? Even a yearlong extension of payroll tax cuts as an economic stimulative would seem to say that such actions are a benefit to the economy.
As for upgrading public school buildings, the operative word is “public” as in the public will need to pay for it. Where will that money come from?
Tax cuts, yeah that’s the ticket. Works every time. What’s the definition of insanity again?
Howdy Doobama, the puppet of the universe, does more dancing for the MOTUs.
Crap, crap, and more crap. We are so boned.
So … take half the money from poor and middle-class taxpayers and give half the money back to the rich. Good plan. That’ll work.
It’s worked so well over the past decade!
Kris, Kris, Kris, you know d*mn well that if we don’t give ton$ of money to the mega-wealthy, why then they’ll never “create jobs” for us serfs. It’s axiomatic that any day now, aaaannnnyyyyy daaaaayyyyy now, the super wealthy will create ton$ of job$ for
USAChinese serfs… but only IF the super-duper wealthy MOTU get more tax cuts, tax breaks & tax incentives… you know: when YOU and I GIVE them more of OUR hard-earned ca$h. Got it??? /not really snark… sad to say…David, I have a quibble.
The payroll tax cut is not a cut in income taxes, but a cut in FICA. Yes, that’s included in payroll, but I think calling it that diminishes the negative effect that this tax cut is having on the viability of Social Security.
If the media continues to call it a payroll tax cut the vast majority of the public will continue to do what it’s done for the past 9 months – enjoy the miniscule individual benefit.
If we were all to call it what it really is, a reduction in Social Security contributions aimed at further weakening the program to set the stage for further cuts to said program (I know, not as sexy as ‘payroll tax cut’) people would at least be properly informed.
Well onitgoes, more tax cuts for the Waltons means more Walmarts. More Walmarts means more piss-poor paying jobs for our high-school grads who can no longer afford to go to college because their parents have been working at Walmart.
The only benefit I see from the increase in low paying service positions is the fact that fewer and fewer people are able to buy health insurance, or even have insurance available to them through their employer. Hopefully the health insurance industry will collapse due to low enrollment.
The only way Obama is gonna get this passed is if he kidnaps Boehner, McConnel, and Cantor’s families and holds them hostage. Or, if he has compromising naked pictures of these three turds.
Nay, carguy308. Nay.
Boehner, McConnell, and Cantor would all sell their fucking families for enough money to buy a dime bag of crack and a cheap hooker.
As for compromising naked pictures, these guys are all asexual, like some slugs. Nothing compromising if there’s nothing to see…
We don’t have any decent p[aying jobs because we don’t MAKE anything here anymore. Our government has allowed all the manufacturing and jobs in industry to go overseas. We’ve got NO manufacturing, NO electronics, NO textiles, and NO customer service industry beause all the “call centers” are in the Phillippines or India.
This whole plan is a waste of time until we can bring those job “generators” back to the USA.
#4 help for the employed: The unpaid ‘internships’ are on a par with indentured servitude IMHO.
was anybody here expecting he would do the right thing? question is what are we going to do? how much longer are we going to allow this criminal cartel to rule and destroy us? I think our message should be simple, but it need to be in one article, and maybe FDL can provide the platform from which we can get the message out. below is a starting point
Corrupt one party system in DC……how much money has DC got in the last few years?
Repeal of glass steagal clinton (D)
Nafta made it easier to send jobs overseas and keeps import tarrifs low so american based companies can not compete clinton (d)
wars, torture, rendtion bush and obama (d&R)
regulation agencies stacked with ex corp chiefs who favor big pharma, big ag and so on and are hell bent in putting independent biz out of biz ( D&R)
banker bailouts (D, R, and the FED)
Wars that have cost trillions and taxpayers fleeced to line the pockets of war profiteers
trillions in banker bailouts and zip for main street
Not a single bankster charged with fraud
9/11 used to scare and control you are you better off? Have the trillion spent on wars, DHS, improved the quality of your life. Every time their is an attack, how much of your freedom and wealth are you prepared to give up on the hope that govt can keep you safe?
dollar devaluation is stealth tax on you through prices being inflated
a corrupt monetary system designed to extract wealth from you and give it to a select few
Agreed. My dad, oldnslow, has been telling me for a dozen years that this country started dying when we switched from a manufacturing-based economy to a service-based economy.
Shit! I overlooked that flaw in the plan. Thanks Kris. I gotta call my uncle in Bethesda to cancel the plan.
Just FYI
a tax cut for hiring unemployed workers is nothing new – we got one in the HIRE Act of 2010.
The CEO of Gibson guitars said the govt told him he would be better off if he moved his factories abroad. I kid you not
I was thinking the same thing, OmAli! These are exactly the kinds of “jobs” that the wealthy will create if allowed to and encouraged by these policies that move wealth upward.
I wonder if waterboarding would work on these guys or, maybe, electrodes to their genitals????
I read that too.
This sounds like nationalizing a modern form of chain gangs!
Something that is new and is really lousy is the
‘payroll tax holiday’gutting of Social Security on the employer side.KrisA, you are exactly right that we should not call it that!
On second thought, I don’t really care if those ideas would work. I just like the waterboarding and electrodes idea.
These dickwads would certainly fold under water-boarding. Problem is if we water-board them we’re just as bad as they are.
I am willing to make that sacrifice for the good of the country.
Well, when you put it that way, it would be the right thing to do…
President Zero should just be realistic. Make an announcement that his “jobs” plan includes a program that will measure the head of every American for a McDonalds paper hat.
Which we will be mandated to buy.
I.Feel.Sick. Not surprised. Just sick. on edit
All contributions are being made to SS from the general fund.
Ya know, carguy, I’m amazed at what is being allowed to be said on the threads, today … I recall being warned when I suggested that the operating principle of the PTB was: “Vapulation shall continue until morale improves!”
;~DW
Cut the crap. You know as well as any of us what that means. Contributions should never come from the general fund. That is part of the shitty plan.
Guessing that viewership will be low.
Public doesn’t think much of O’s economic plan to begin with, and isn’t there some football game conflict?
Anybody know which channels are going to televise speech?
All of the items in the proposal would be great things to have. Each one taken seperately would be good policy but as a hole it will not be very stimulative.
As we all know, the only kinds of stimulus that would do any good, for the most part, won’t even be discussed. Certainly not on the scale that would be neccessary to do any good.
If this wasn’t such a serious mistake on Obama’s part it would be hilarious.
Only $300B? And half tax cuts? And yet another plan to give things away and get nothing in return? Does Obama think we don’t know that Bernanke just got done giving TWICE that much…$600B…to banks in the form of QE2 in only 6 months?
HEY OBAMA…..tax cuts don’t cause job creation sir.
We are coming up on rotten tomato time at warp speed.
I don’t know what you think is crap. I just stated a fact.
I don’t disagree that contributions should never come from the general fund, but that’s the way the law was written, and SS is being funded.
TRANSFERS TO FEDERAL OLD-AGE AND SURVIVORS INSURANCE
TRUST FUND.—There are hereby appropriated to the Federal
Old-Age and Survivors Trust Fund and the Federal Disability
Insurance Trust Fund established under section 201
of the Social Security Act (42 U.S.C. 401) amounts equal to
the reduction in revenues to the Treasury by reason of the
application of subsection (a). Amounts appropriated by the preceding
sentence shall be transferred from the general fund
at such times and in such manner as to replicate to the extent
possible the transfers which would have occurred to such Trust
Fund had such amendments not been enacted.
Absolutely correct, and, not one job will be created by the employer side payroll tax cut. Businesses will get the credit for people they would have hired anyway. Just another corporate tax giveaway.
Contributions being made by the general fund weakens the program.
You’re just reasserting what I said.
Thanks for that.
More than likely, IF this plan passed, which it WON’T, it woiuld probably have “slashed” unemployment from 9.1 to 9.030864.
Obama’s policies don’t even rise to the level of ‘pathetic.’
I agree.Taqxcuts do NOT create jobs. SO, half og $300B is, like, $150B. Previous stimulus cost per job was about $180K. What would that generate? Is that about 1.6 million jobs????
Somebody check my math.
Please explain. The Trust Fund is being fully funded. The deficit is growing as a result, but in what way and to what extent does SS become weaker?
I think that they rise to the level that a madrigal should be written about them, since they’re medieval as he’s so insistent on turning us all into serfs. Those who aren’t serfs under the individual mandate can now become chain gang serfs.
jedi, you said all I was going to say.
Within 10 years bo will switch parties, not that the dems aren’t repubs in disguise anyway.
By setting up the argument that SS has to be supplemented by the general fund to meet future obligations.
Keep in mind anything below $1 trillion / year stimulus leaves us short of where we should be GDP-wise.
First stimulus was $500 billion with the tax cuts part removed. That was mediocre.
This one will be $150 billion? It’s a joke!
I can only conclude Obama doesn’t want to get re-elected.
kris and alan: The three of us are all Texans. Where the hell are the other 49 states today????
..
..
49, right???
My first thought was “What TF are they harassing Gibson for?
Good idea, since it worked so well all the other times it was done.
Fucking Idiot Criminals.
I just hope this plan is much better thought out than the original one.
No more cash for clunker type deals where as soon as the thing ends, we go right back to where we started.
I think Michelle want to move the girls back to their old school in CHicago.
Now, all his actions seem to make sense.
Osterity and his economic advisers blow dead goats.
Thank you, David. Even in the abominable attempt at a Labor Day speech, Obama had to hammer in that payroll tax slash at Social Security as if it were pie in the sky. No wonder we can’t bear to listen to him.
Here, though is a major qualifier to any economic patches that may sound positive to some – in an article by David Lindorff at counterpunch.org yesterday, justifiedly taking my hero Paul Krugman to task a bit for leaving out “defense” department spending from the Big Picture:
“President Obama, if he really wanted to snap the U.S. out of recession rather than just enrich his banking industry campaign financiers, would immediately end the wars in Iraq and Afghanistan, shut down the 800-1000 overseas U.S. military bases, call for passage of a generous new GI Bill that would pay for all the returning troops to get college educations, or vocational training, and that would allow them to buy houses for their families, and he would slash military spending by half and use some of the savings to begin a program of economic conversion of military contractors. The savings from ending the wars and cutting defense spending by half — about $375 billion a year beginning with the 2012 budget year–could be used to hire teachers, park rangers, health care workers for underserved areas, lifeguards for public pools and beaches, etc., etc.
Now that’s deficit spending that actually would ‘help support a depressed economy.’ ”
Somewhere I also read a comment that just the amount the US spends on air conditioning in Iraq and Afghanistan, hiked to the billions because of the expanded cost of energy in those places, would make a huge difference. Just that. Of course, we’re going into winter now, so those monies could well be redirected to, say, expanded heating programs for the poor in northern states.
All together now: Everything You Know is Wrong. Tax Cuts Don’t Work
(Much more at the link.)
This plan is no plan. And the Social Security destroying aspects of further extension of and meddling with payroll tax cuts is simply awful. Recall Luther Gullick’s memorandum which contained FDR’s famous quote. Excerpt:
Obama is either incompetent or complicit. I don’t think Obama is incompetent.
I had never seen that FDR quote. Thank you for posting it.
Not incompetent, no.
Which in turn sets up the argument that retirees are moochers deserving to be cut (for their own good, of course). Sounds like a trap.
Maybe Gibson is the last company in Amerika making something. Vee can’t have that now can vee.
The SS Trust fund is projected to run dry in 2036, with or without the payroll tax holiday.
Where is the SS destroying aspect?
See 61 above. Something has to change by 2036 anyway.
Thirty years of preaching about tax cuts and ANY SECOND NOW all that wealth and prosperity for average Americans will FINALLY SHOW UP!
Not!
Sounds like Obama is out to kill Social Security more than anything else.
The point here is the current dems and of course the repubs have always wanted to screw social security. By linking it to the general fund they now have a pretext where they can say SS is part of the deficit and must be cut and/or privatized.
What do you think it means for the SS Trust Fund to “run dry”? Do you think that means that SS is bankrupt? (That would be wrong.) Do you think that means SS would no longer be able to pay any benefits? (That would be wrong.) Do you think that means SS would pay benefits that are lower than they are today? (Also wrong.)
The SS destroying aspect is self-obvious for any who are not either ill-informed or disingenuous. Cutting payroll taxes further erodes the trust fund, and making up the difference with the revenues from the general fund undermines “the legal, moral, and political right” of contributors by transforming the program from one of social insurance that contributors paid for and which is self-sustaining into one that can be cast as a form of welfare.
Not just no, but hell no. Go read that FDR quote until what he was talking about finds a way into your skull.
ETA…
BS. All that needs to change is the state of the economy. Getting the economy growing again with GDP increasing at a rate of around 2.7 percent or greater means that the SS trust fund does not run dry in 2036. In fact, as long as the economy grows in a fashion in accordance with historical trend, the SS trust fund never runs dry.
Out of all the government programs there are, SS is in the best financial shape. Using a prediction about what we may face a quarter century hence as an excuse to undermine SS now is idiocy.
If nothing changes Social Security will not go belly up. People would still receive 70 odd percent of benifits entitled if nothing is done.
There really isn’t a problem. The government can always fund Social Security if that is a priority.
Hey alan, not being confrontational but I’m curious. Are you a Obama supporter?
I know most here have already said what I’m going to say, and much better than I, …
“Tax cuts” that weaken SS and that amount to pennies for the average person. Maybe if the rub them together they will have babies? (Bangs head against desk)
And everything else is tripe.
David, you know I’ve always been a big fan, so please do not take this as an offense, but come on man, a lot of this is pure magical-thinking conjecture. I mean come on.
Infrastructure? You KNOW as well as I this will be a joke. Along the lines of fixing one pot hole in NYC. And most of that money will go straight to the top, and a few crumbs to the workers. This is DOA.
Unemployment help? Sorry, and with all due respect, are you high? The chances of this happening are the same as this magical bipartisan unicorn popping into Congress. UNICORNS ARE NOT REAL!
Mortgage help? More unicorns? Really?
David, you are a good person. So you put on this conjecture with a wonderful rainbow tint. With magical bunnies (infrastructure), unemployment help (unicorns), and mortgage help (bigger and better unicorns).
But this will never happen.
And it’s all just a cover for the bait and switch they will pull to extract more money from the masses while they pound the unemployed and ex-home owners into the ground.
I would love it if all you said happened. But it will NEVER will. That’s their plan.
Folks please don’t feed the trawls.
Your time, so it’s your choice.
But it’s a waste of your time.
I would truly jump off the bridge if I had to do what they do day-in and day-out.
“The SS Trust fund is projected to run dry in 2036″
Being able to pay 77% (for 75 years) is not “running dry.”
Verra nicely done, Romberry.
First time I’ve seen your comments, as I’m not “here” much of the time, and I like what I’m seeing, very much.
On with ya!
DW
Let me be clear:
Pox on both parties
screw both parties
fuck both parties
both parties can kiss my ass
2nd rate leadership by both parties to be expected since both parties are bought by the same people..very sad time in this country’s history and god help us all from these pigs!!
Where’s the lock box when we need it?
OTY, have you seen the amount of money the military spends on “Viagra”. Hey, I’m personally against ED myself. But, one woulod think a “boner” is not necessary for a soldier. It’s nice to have one, but at $10 a piece, I mean “each”, that cost should be borne by the beneficiary(s) not me.
yeah… it worked so well with the ‘stimulus’ package… not…
what ‘both’ parties?
we’re ruled by a single group / class of political slaves beholden to the oligarchy…
the sooner americans realise that’s the case and operate from that position, the better
Well it doesn’t matter anyway. They aren’t going to pass this. Agent Orange and Cantor won’t pass a big plan, a small plan or anything, not even a resolution to kiss their unsalted buttocks daily, as long as it is B0 proposing it. So this is wasted energy.
Also, ew.
“Better to reign in hell than serve in heaven”. Must be their philosophy because we are sure closer to one than the other.
Me, personally, I’d rather NOT have been the captain of the Exxon Valdez even though you get the best stateroom on the ship. Years down the road history is gonna be cruel to you if you’re the one who was driving the boat when it went over the falls.
It sure does matter. Next weeks giveaways…I mean speech…is most definitely part of the jobs speech and will be given away for nothing in return. From Bloomberg and the last part of the article:
“Obama will call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional panel charged with finding ways to reduce the nation’s debt [...]
Obama will unveil a framework for the deficit reductions next week, including changes to Medicare and Medicaid, in addition to other cuts in contributions to military pensions and farm subsidies.
What a deal! For the sake of a jobs plan that has no chance of passing, old people and veterans get shafted!”
Gee, do older men and women have a shot at being hired on a construction site?
I have reservations about all these construction jobs to repair infrastructure. Local govts usually dole those out to the big contractors who always seem to get the bids to do the building around town. Doesn’t this perpetuate lobbing favors out to donors?
Internships–free labor to corporations paid for by the govt via unemployment benefits & stipend. This seems directed to the young?
The problem is that the president and Congress must work together to rescue this country–the president alone, especially with the crisis this advanced, is not going to be able to do it without congressional support. And Republicans smell blood in the water. They don’t care if the unemployed suffer and drown; they want power.
The key is to vote those suckers out. Put in a congress that can push the president left.
Anybody who has naked pictures of these thugs and SHOW them to people should got to jail for terrorizing our citizens.
NO! The key is to to NOT give this Trojan Horse…I mean President another term…and a lame duck term at that…where he can continue to destroy the New Deal and the Democratic party, at will, for 4 more years. We need to find someone to primary him…and quickly.
yeh but I heard they have no genitals.
yeh and then he should just go on another vacation with the family.
Just a minute….were just having a little fun. We need it these days. We get serious and pretty blue with the news we get daily here at FDL..so we cut loose once and awhile. I think its good for morale …….hey carguy I am laughing and it feels good. Thanks for making my day.
To answer, when the SS Trust Fund “runs dry” it means there’s no surplus. SS will not be bankrupt, just paying out as benefits came in. I do think that means SS would pay benefits that are lower than they are today.
The Social Security Administration predictions, based on projected growth, estimates the trust fund going dry by 2036.
See #66, Reduced benefits to 70 some percent.
See # 71, “The SS Trust fund is projected to run dry in 2036″
Being able to pay 77% (for 75 years) is not “running dry.”
(The Trust Fund surplus will be exhausted, but income from workers will pay benefits to retirees at about 77%)
It’s not about Obama. I only pointed out that the payroll tax is not taking anything away from SS.
I’ll admit that it sets up the “argument” that SS is not self sufficient, but that’s just an argument. Payroll taxes started out at 1% and a promise to never take more than $3000 was made. Apparently THAT wasn’t self sufficient. You could argue either way about SS self sufficiency (in some early years benefits were increased because the trust fund was getting too big and hording too much of the countries money).
SS has changed dozens of times since 1935. This tax holiday is just one more little change. There will have to be more changes in the next 25 years, or benefits will be reduced to 75%. If you don’t believe it, go argue with the Social Security Admin.
http://www.ssa.gov/oact/trsum/index.html
Hasn’t King Chaos done enough already to show the people he doesn’t give a damn about them without getting on TV and spouting more crap. Does he really believe there is anyone left to believe his crap. Why not say something positive like he will not run for re-election? You know, something the people could believe in.
A jobs program that takes more money from the poor and gives it to the wealthy will work. Look at the results so far. 0 jobs. We are going to take money we don’t have and give tax cuts to businesses to create jobs?
How about if we just make these corporations pay the taxes they already owe and quit giving them subsidies? Then take that money and create real jobs.
It’s amazing that with 534 repubs in congress and a repub prez that they do so much fighting between themselves. After all they all are after the same goal, screw the people. Me thinks a major cleaning is in order.
Yes he is.
That’s what they say but i don’t believe them. Maybe I just am cynical. Would there happen to be a link we could see the transaction being made.
I don’t know about a link for the money transfer, but it’s written into the law:
PUBLIC LAW 111–312—DEC. 17, 2010
TAX RELIEF, UNEMPLOYMENT
INSURANCE REAUTHORIZATION, AND
JOB CREATION ACT OF 2010
Title IV, Sec. 601 (e)(1)
http://www.gpo.gov/fdsys/pkg/PLAW-111publ312/pdf/PLAW-111publ312.pdf
I don’t see any indication that you actually understand what you’re reading. Regardless, using any of those numbers to try and make the case that meddling with payroll taxes does not undermine Social Security is engaging in non sequitur “reasoning.” It seems to me that rather than doing any actual thinking, you’re just regurgitating Obama admin/Republican talking points. Are you some kind of true believer, or do you get paid by the word?
DUH. Tax cuts are the Miracle-Gro for jobs. The other secret ingredient is Smog.
You can read the words from the SS Admin yourself and tell me where I’m wrong. Then post a link supporting your opinion.
http://www.ssa.gov/oact/trsum/index.html
At least you went from “destroying aspects” to “undermining”. You’re headed in the right direction.
Yep, FDL pays me by the word to keep the echo chamber from over-pressurizing.
FDL wasn’t the payroll provider I had in mind. But you know that.
That’s the ticket!
I have one question at this point.
Why aren’t any true progressives or anyone who remotely cares about this country running against Obama and the Republicans?
Unless someone with integrity comes forward fast, we will continue on this downward spiral rapidly for at least another five years. This is why the “lesser of two evils” concept is dead.
As for issue #4, that should be called a corporate subsidy program funded by taxpayers with all profits going to the businesses involved. It should be obvious by now…that means increased CEO pay and shareholder dividends. All under the guise of “creating jobs”.
:-)
I didn’t think you’d come up with
a link.
I’m not quite sure what you’re advocating here. If you’re saying there needs to be positive changes in SS to make up for shortfalls 25 years from now, reducing the payroll tax is a step in the wrong direction using the popular frame.
If you wanna use the (correct) modern money approach, taxes shouldn’t be an issue. BO and the republicans however aren’t using that logical approach so it leaves me wondering what you’re really arguing here?
fercrissakes!
If true, or “ball-parky”, then “O” is proposing a “plan” that’s short by more than half as his “starting point. But 1/2 in tax cuts. Aside from all of the economic, political, mathematical and moral badness of this under-acheiver’s “go to move”, I see it as a giant, sore-thumb “tell” that Obama’s planning to cave on Bush tax cut renewals when budget madness is next on the calendar.
Here’s my question: Do you think Barry & Michelle will both go back into law in 2013? Or do you think she goes “Law” and he goes the Carter route?
Good response.
I agree reduction in taxes isn’t correct.
The answer that has been used for years is an increase in payroll taxes.
Dozens of times in the last 60 years, and then not at all in the last 30.
If they don’t get their added tax cuts, they’ll just pull out of the country and move to…Singapore…? Or?
I don’t think Obama can possibly go the Carter route. He’ll go the Reagan route of speaking for Big Bucks and sitting on corporate boards. Oh, and the Carlyle Group, with the rest of the Neo-Lib and Neo-Con Corporatists.
AFter he’s made a true fortune, then he’ll try to rehad his image with a foundation…on charter schools, training, advice on how Americans can live on 30% less income than they need, etc. Oh, maybe some language schools so we can export workers!
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There are lots of things written into law but I don’t trust them as far as I can throw them. The rule of law in this country is seriously deficient. I remain cynical. Thanks for the link.