(03-11-2020, 07:41 AM)StroudCrowd1 Wrote:

(03-11-2020, 06:31 AM)The Real Marty Wrote: What I've been saying for a couple of years now is that for the US to run huge deficits in a time of economic expansion was very dangerous, and now we see why.  Payroll taxes bring in a trillion dollars a year.  We already have a more than trillion dollar deficit.  This is why a payroll tax cut for the rest of the year is a non-starter with BOTH parties in congress.    

It's not just "the left" that will block this.  The Republicans in congress are also throwing cold water on it.

Assuming the opposition was still there when Obama did it?

That extra $40 a month he was touting allowed me to get cheese on my burger.

When Obama did it, we did not already have trillion dollar deficits as far as the eye could see.  And again, it's not "the left" alone that is shooting down the idea of a payroll tax cut.  Republicans had their own meeting yesterday to discuss it, and they themselves expressed some skepticism about it.  

https://finance.yahoo.com/news/trump-cor...39957.html


Some Republicans on Capitol Hill have also expressed hesitation about a payroll tax cut.

• “Well, I usually love tax cuts, but I think it’s a little premature,” Sen. John Cornyn of Texas told Politico.
  
  
  
• Sen. Lindsey Graham of South Carolina questioned whether the cost of the cut would be more effective if applied to specific sectors of the economy.
  
  
  
• And Senate Majority Leader Mitch McConnell has reportedly made clear in private that he opposes the idea. “McConnell has made clear he ‘detests’ pursuing this particular policy, which would probably add to federal debt and deficits, and he has said many conservative GOP senators share his view,” The Washington Post reported.
  

Again, Trump has already wasted his deficits.  If he doubles the already huge deficit, then we are facing a major financial crisis to go along with the Coronavirus recession and the oil price crash.  Payroll taxes bring in a trillion dollars a year.  Having a payroll tax holiday that lasts until election day would add hundreds of billions of dollars to our already record-sized deficit.  Then you have to ask yourself, is the cure worse than the disease?

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