I copied the following from an AP article titled “Economists endorse jobs plan”
Under his bigger tax cut, an extra $1,550 would go to taxpayers earning $50,000 a year. The Social Security tax is imposed on the first $106,800 of taxable income. That means the maximum savings would be about $3,300 for an individual and $6,600 for a couple.
Uh, that’s $6,600 for a couple each earning nearly $107,000, aren’t they the ones who are not paying their fair share? I digress.
It sounds like you will receive an extra $1,550 beyond what you now have. Here’s the new math, you already have $1,000 of that in your pocket and have been receiving it since last January. In other words a major element of this jobs plan is giving the average American an extra $550 a year to spend (or not).
Why wouldn’t meteorologists, sorry economists, endorse such a plan especially since there has been a trial run for two-thirds of it for the last nine months?
I give up, just pass the whole darn thing as is before November, let it run for a full year before election day and let’s see the results for jobs, the economy and the 2012 elections. What’s another few hundred billion at this point? If it doesn’t work maybe Paul Krugman will stop blogging.
QUINNSCOMMENTARY 