Wednesday, December 15, 2010
The Obama/McConnell tax cut deal destroys the budget.
From Ezra Klein:
“The $858 billion package does more damage to the deficit than anything other piece of legislation passed during the Obama presidency. It’s also expected to receive the largest bipartisan majority of any major piece of legislation the Senate has considered in the last two years.”
And as The Nation points out:
The most dangerous feature in Obama’s proposed two percent reduction of the FICA deductions every worker contributes to the Social Security Trust Fund. The 2% may sound attractive but it will result in a $120 billion shortage to Social Security. Obama says he will borrow the $120 billion to replenish the shortage, adding even more to the deficit.