The "Amatuer" in the White House at it again.
All you lefties must be so proud of this man-child you elected. Are you continuing your blind acceptance of this pathetic inept person? Must be fun to get FOOLED again, or is it your white guilt showing?
Here's some late-breaking news from the messiah. Enjoy. UB
Obama Suggests Raiding Social Security For “Tax Relief” Again
Oct 27, 2012
“[W]e’ve now gone more than 570 days into the Barack Obama Re-Election Campaign. On Day 568, Obama finally deigned to produce a second-term agenda — a document so unserious and insubstantial that its release served to underscore his desperation rather than enlighten anyone on his approach to the next four years,” writes Ed Morrissey.
“Clearly, that didn’t do anything to revive Obama’s chances on the campaign trail, especially not with Mitt Romney hammering home his closing argument on jobs and the economy. Therefore, on Day 574 — and late in the evening on a Friday — Obama finally got around to floating a tax-cut trial balloon.”
Morrissey is referring to hints from the Obama campaign that they’d like to do another version of the Making Work Pay tax relief which cut into revenues for an already beleaguered Social Security program to pay for a small amount of temporary tax relief for those earning paychecks.
This didn’t work the last two times it was tried, and the reason is obvious. Americans don’t change their behavior based on an extra $20/week, especially not when that extra $20/week is temporary.
The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking, as the presidential candidates continue battling over whose tax policies would do more for the country.
Obama administration officials have concluded that the economy, while improved, is still fragile enough that it may need another bout of stimulus. The tax cut would replace the payroll tax cut championed by President Obama in 2011 and 2012, which was designed as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year’s end.
The new tax cut could provide hundreds of dollars or more a year to workers and show up in every paycheck. It may be similar to a tax cut Americans received in 2009 and 2010, which provided up to $400 for individuals and $800 for married couples, sources close to the administration said.
And keep in mind that this payroll tax cut comes out of Social Security revenues. Whatever else that can be said about that entitlement monster, it is currently running a deficit being obligated to pay more out in benefits than it collects in revenues. And when Social Security dips into the trust fund to make good on this deficit, the US Treasury must borrow more money to make good on the treasury bonds that make up 100% of that trust fund.
In short, Social Security already doesn’t have enough revenues to maintain itself and is relying on a trust fund that is little more than an accounting fiction, and Obama wants to cut even more revenues from the program to buy votes with a tiny bit of trivial tax relief.
Update: For what it’s worth, the Obama campaign is now denying the Washington Post’s report about their consideration of a new tax cut.