Fica You! Another Futile, Ignorant Gesture by Obama

Discussion in 'Economy' started by CrusaderFrank, Dec 6, 2010.

  1. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,236
    Thanks Received:
    14,914
    Trophy Points:
    2,210
    Ratings:
    +37,019
    Demonstrating his continued fundamental and total ignorance of free enterprise and the US economy, Obama has proposed a temporary reduction in the FICA tax for one year as a way to...what, boost the economy? What an epic fail. What a total double down Epic Fail.

    Can you imagine a business going to a bank to apply for a loan and their plan is, "Lower FICA means people may buy more of our stuff"?

    This is so sad and stupid and ignorant it must have come from either Robert Reich or Paul Krugman

    Payroll-Tax Holiday Proposed by White House - WSJ.com
     
  2. boedicca
    Offline

    boedicca Uppity Water Nymph Supporting Member

    Joined:
    Feb 12, 2007
    Messages:
    41,799
    Thanks Received:
    12,774
    Trophy Points:
    2,250
    Location:
    The Land of Funk
    Ratings:
    +22,794
  3. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    Team Obama is fucking nutz. As if his deficit wasn't bad enough now he wants to lower taxes again, in addition to the Bush tax cuts AND extend unemployment till death.

    Hell, why not just declare a tax holiday till unemployment reaches 6%? Or drop money from planes?
     
  4. loosecannon
    Offline

    loosecannon Senior Member

    Joined:
    May 7, 2007
    Messages:
    4,888
    Thanks Received:
    263
    Trophy Points:
    48
    Ratings:
    +264
    There has been next to zero business or infrastructure investment in the US since the 90's. NOT Obama's fault, it's wall street's fault and the go-go-globalization crowd's fault.
     
    • Thank You! Thank You! x 1
  5. Ragnar
    Offline

    Ragnar <--- Pic is not me

    Joined:
    Jan 23, 2010
    Messages:
    3,271
    Thanks Received:
    800
    Trophy Points:
    153
    Location:
    Cincinnati, OH
    Ratings:
    +843
    Deal or no deal? ABC/CNN say it's close, POLITICO says not so fast...

    Report: Obama set to announce deal with GOP on tax cuts? Hot Air

    The Update also via HA...

    Things that make you go "hmmm", or perhaps even "there's a-doin's afoot".

    :eusa_whistle:
     
  6. CrusaderFrank
    Offline

    CrusaderFrank Diamond Member

    Joined:
    May 20, 2009
    Messages:
    81,236
    Thanks Received:
    14,914
    Trophy Points:
    2,210
    Ratings:
    +37,019
    This will help people pay the higher energy prices that Obama has inflicted on the economy
     
  7. william the wie
    Offline

    william the wie Gold Member

    Joined:
    Nov 18, 2009
    Messages:
    7,293
    Thanks Received:
    675
    Trophy Points:
    175
    Ratings:
    +1,608
    I would suggest a look at Boedicca's (?) China bubble thread that is getting nasty faster than I thought possible.
     
  8. xmasldy
    Offline

    xmasldy Rookie

    Joined:
    Jan 7, 2011
    Messages:
    1
    Thanks Received:
    0
    Trophy Points:
    1
    Ratings:
    +0
    The "tax holiday" is YOUR money that in theory goes to you SS (retirement). Yes it has been lowered BUT the federal tax withholding has increased due to the the Making Work Pay tax credit, expiration, which was enacted as part of the stimulus package, expired 12/31/2010. That credit allowed employees to earn a credit of 6.2% of wages, up to $400 total, with a phaseout for those earning over $75,000. The Making Work Pay credit expiration will mean an increase in taxes and thus a decrease in take-home pay &#8211; but for most people that decrease will be more than counteracted through the effects of the new "payroll tax cut". What a smokescreen, a workers "investment" toward retirement FICA , lowered. Federal tax, the worker will/would NEVER see , Uncle Sam's money, raised, a good option???? What a crock of crap.
     
  9. georgephillip
    Offline

    georgephillip Gold Member Supporting Member

    Joined:
    Dec 27, 2009
    Messages:
    26,428
    Thanks Received:
    1,265
    Trophy Points:
    215
    Location:
    Los Angeles, California
    Ratings:
    +2,039
    Welcome to debt peonage.

    Obama's $120 billion reduction in Social Security contributions fits well with his Bowles-Simpson (cat food) commission's plan to reduce Social Security and eventually privatize what remains for the benefit of Wall Street.

    This latest cutback will accelerate the point at which SS moves into "negative equity" - "a calculation that ignores the option of restoring pension funding to the government&#8217;s general budget, where it would be paid out of progressively levied income tax and hence borne mainly by the wealthy, not by lower-income wage earners as a 'user fee.'&#8221;

    Obama's Sellout...
     

Share This Page