I’ve lost track of the number of stimulus bills our Congress has passed. There were two under Bush (mostly tax cuts), the big Obama spendathon and now two waves of payroll tax cuts:
Two months after vowing to never give up the fight against President Obama’s payroll tax proposal, House Republicans decided Friday that they could not afford the battle any more.
Large bipartisan coalitions in both the House and Senate passed a $143 billion economic package that includes a year-long extension of the payroll tax holiday for 160 million workers, just as Obama had requested more than five months ago, and also extends unemployment benefits for millions of others.
It also includes the doc fix. And this $143 billion hole in the budget is filled by … very little actually. They’ve already quit even pretending to care about the deficit implications. And they wonder why Congress’ approval rate is 10%.
(The WaPo quotes Mark Zandi as saying this will boost the economy. Why that idiot real estate bubble supporter and stimulus maven continues to get press is beyond me. It just shows that no one ever falls out of the MSM rollodex no matter how often or how spectacularly wrong he is.)
A year ago, I thought the payroll tax cut was a decent idea. I now think it was terrible one. Because this tax cut is almost impossible to reverse. Any attempt is branded as “raising” taxes on the middle class (a verb that is conspicuously not used when eliminating the Bush tax cuts is discussed). We seem to now have a permanent $150 billion a year hole in the budget. And no one is interested in fixing it.
Food and ammo, guys. I keep saying it and it keeps looking more and more likely.