Hi folks, let’s take a moment to to focus on the Payroll Tax Cut, which was extended for another two months. I, for one, am just not that excited about this tax cut. Believe me, as a “supply sider”, I am generally inclined to support the idea of lower taxes. But when it comes down to it, I am more concerned that this measure simply extends our country’s reliance on debt.
Because the Payroll Tax Cut reduces the amount of funds that employees put into Social Security, it must be balanced with a reduction in Federal spending. Unfortunately, that isn’t the case, as I’ll show you. Extending the Payroll Tax Cut only adds to our Federal liabilities. The economy will only truly get back on its feet once we stop borrowing against our grandchildren’s future.
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