Reply to Unemployment is down slightly; now the GOP HAS to raise the payroll tax to sabotage the economy?

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Reply to "Unemployment is down slightly; now the GOP HAS to raise the payroll tax to sabotage the economy?"

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[quote=Anonymous][quote=Anonymous]Social security is in such great shape that we should to continue to reduce funding via payroll taxes?  It is just robbing Peter to pay Paul and it has to stop if social security is to continue.[/quote]

Well that's funny because the Republicans who would use this argument are also the ones who would characterize Social Security as an unsustainable Ponzi scheme anyway if the issue of payroll tax cuts weren't on the table. So which is it, folks?

Even if Social Security is in precarious shape, the fact remains that the economy is in a more precarious shape right now, and the best way to ensure that some semblance of Social Security is left in the long run is to stimulate the economy in the short run. Mark Zandi (conservative economist and former adviser to John McCain) has written extensively about this, arguing that payroll tax cuts for employees have a multiplier (how much you get back for $1 spent) of about 1.2 or 1.3 Extending unemployment benefits gets you on the order of 1.5 if I recall correctly.

Extending the Bush tax cuts: 0.3...[/quote]

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