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Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

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Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 5:30 pm

President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages as they debate ways to spur hiring amid signs that the recovery is slowing, according to people familiar with the matter. The talks reflect the political constraints the White House is operating under with the Republican majority in the U.S. House pushing to cut federal spending. A hiring stimulus based on a tax break for employers may appeal to Republican lawmakers, many of whom have called for measures to help businesses.

Senator Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said today he would consider supporting an employer payroll tax cut. He also said that approving free-trade agreements and easing wage restrictions on government construction projects would be better ways to encourage hiring.

http://www.bloomberg.com/news/2011-06-08/payroll-tax-break-said-to-be-discussed-by-obama-aides-amid-slowing-economy.html

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 5:42 pm

From Ed Schultz's "Thursday Outlook":

The National Journal finds that America has changed fundamentally -- embracing pessimism about the future. With the current political landscape making sane economic policy impossible, it's hard to blame them. But there are signs of hope.

Bloomberg News reports that some in the Obama Administration are not content to sit on their hands as millions of Americans stare a life of joblessness in the face. They're reportedly looking at using payroll-tax breaks to goose hiring. It's not the most stimulative use of our money -- that would be aid to the poor and jobless (see page five). But it does appear to be the most stimulative measure that has a chance of getting through the Republican-controlled House. (And even Wall St. is starting to call out the GOP for how their proposed cutting will hurt the country.)

This can and should be a battle cry for Democrats from the White House down. Just like championing Medicare has proved to be a winner for them -- even though it would seem to fly in the face of the alleged pressure to cut spending -- so, too, would championing job creation. Embracing deficit-reduction is a non-starter both politically and economically, so it's natural to fear that Democrats will stay on that train.

BUT, in another sign of good news...some Democrats in the country not only get it, they're doing something about it. We'll see if it catches on.

http://ed.msnbc.msn.com/_news/2011/06/09/6821061-the-thursday-outlook

Guess we'll have to watch tonight for further details on this. It appears that this will be the "cure" for the economy, not extensions of unemployment benefits.

What don't they get about living on nothing at the moment??

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 7:23 pm

heres a good article about this as well

http://www.ourfuture.org/blog-entry/2011062309/businesses-hire-when-customers-are-coming-door

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 8:03 pm

Sens. Mary Landrieu and Olympia Snow and Debbie Stabenow along with a few other introduced a bill last August on this very thing for small businesses to get them the relief they need to hire. It went nowhere. If memory serves me correctly, they had quite a few republicans co-sponsor, but Mitch McConnell and company shot it down and tried to add oil subsidies etc to it, they even tried the top 2 to get added and Sen Landrieu flipped on the floor during speeches.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 8:32 pm

The same program was in place in 2009 - 2010. It was cut in a compromise in order to pass 4213 and expired at the end of the year. Employers were exempt from paying their portion of the employee's Social Security tax. It didn't work then and it won't work now.

What difference does it make if they are offering payroll tax cuts when there are no jobs because there are no consumers?

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mj33 on Thu Jun 09, 2011 8:55 pm

Exactly. Consumers still have to spend in marketplace, with the rate at which we are losing jobs on weekly basis. And, make it more difficult , that EIC credit, for single persons, is for 'earned income credit' in which unemployment doesn't fall under that category.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mj33 on Thu Jun 09, 2011 8:57 pm

By the way, back in '82, does anyone know if the last 5th tier/extension of insurance was the same as this one being advocated, for 13 weeks also? Just curious even though that was then and this is now.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 10:28 pm

mj33 wrote:By the way, back in '82, does anyone know if the last 5th tier/extension of insurance was the same as this one being advocated, for 13 weeks also? Just curious even though that was then and this is now.

There has never been a 5th tier of extended benefits. The current program, EUC08 is the longest consecutive extensions that have ever been given. In the mid-70's, there was a total of 138 weeks (or somewhere in that area), however they were not consecutive. They triggered on and off based on the UE rate.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Thu Jun 09, 2011 10:39 pm

DesperateInRI wrote:
mj33 wrote:By the way, back in '82, does anyone know if the last 5th tier/extension of insurance was the same as this one being advocated, for 13 weeks also? Just curious even though that was then and this is now.

There has never been a 5th tier of extended benefits. The current program, EUC08 is the longest consecutive extensions that have ever been given. In the mid-70's, there was a total of 138 weeks (or somewhere in that area), however they were not consecutive. They triggered on and off based on the UE rate.

Here is a link to information you may find useful. It outlines what happened in the 70's, as well as the information you wanted to know about 1982. There is a lot of useful information here regarding the history of Federal and state extended benefit programs:

http://research.upjohn.org/cgi/viewcontent.cgi?article=1099&context=bookchapters&sei-redir=1#search=%221982+federal+unemployment+extensions%22

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Angelicrisis on Thu Jun 09, 2011 10:44 pm

Wow Desperate, thanks for tha bit of info, I had no idea.

That fact however is a little bittersweet. Bitter in the sense the why the are they even debating extending past 99 weeks knowing how bad things have gotten?

Sweet in the sense history is on our side and we are not limited by it.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mj33 on Fri Jun 10, 2011 1:34 am

I thought the only other time 5 extensions occurred was during '82 from what couple Ohio staff UI employees had informed me who worked during that time, however believe was informed on this site few wk's ago or so that about the mid 70's. I believe that was one of the article I actually read out of MANY on the upjohn.org site over past week, lol, admit quite resourceful and interesting site w/ abundance of info.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mj33 on Fri Jun 10, 2011 1:36 am

Olympia snowe today was mentioning on her 'floor' time for her ammendment that we were at our highest at 10% (unemp. rate) in '81 under the Reagan regime, used it as arsenal for showing how her program at that time worked and rationale for needing it now, or of the sorts. Then, for 4 straight months we saw significant decreases, think 4 percentage points or something of such.


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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by lendmeflight2 on Fri Jun 10, 2011 2:26 am

This whole situation is backwards. There are jobs, or I should say there WOULD be jobs, there is demand, there is business, there is money.

The problem is that the right wing media tells business that they are "uncertain" because the president is black and business believes them and decides not to hire anyone. There is money out there. I was uptown tonight and there were people everywhere spending money. People are buying things. Everyone, business leaders included believe what they are told and become scared to hire to make the country better and everything goes into a downward spiral. There is no solution until these people choose to believe that they can hire.

More unemployment benefits won't fix that, cutting employers social security taxes by 6% won't fix it, it will take change of attitude and that is something the government can't really fix.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by jmainframe on Fri Jun 10, 2011 4:41 am

It would take 1 of the money-hoarding behemiths (not McDonalds) to start hiring again, and the rest will follow suit. If a company like Citi Corp decides to fill 50,000 jobs out of necessity, that pay a living wage, the rest will have to do the same in order to remain competitive.

It's getting close to that point because productivity is beginning to level off, meaning the current work force is maxed-out.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mistermunster on Fri Jun 10, 2011 4:54 am

Senator Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said today he would consider supporting an employer payroll tax cut. He also said that approving free-trade agreements and easing wage restrictions on government construction projects would be better ways to encourage hiring.

I wouldn't TRUST ANYTHING this friggin moron HAS to say. Remember this bonehead wanted to DRUG test us all for our UI this time last year. Man is a menace and NEEDS to be REMOVED from office....FOREVER!!!!

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by mistermunster on Fri Jun 10, 2011 4:57 am

jmainframe wrote:It would take 1 of the money-hoarding behemiths (not McDonalds) to start hiring again, and the rest will follow suit. If a company like Citi Corp decides to fill 50,000 jobs out of necessity, that pay a living wage, the rest will have to do the same in order to remain competitive.

It's getting close to that point because productivity is beginning to level off, meaning the current work force is maxed-out.

"that pay a living wage" are the KEY words in ANYTHING that NEEDS to be done, but right NOW they don't want to PAY a living wage or FULL time if any. This is the problem.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by lendmeflight2 on Fri Jun 10, 2011 5:42 am

mistermunster wrote:
jmainframe wrote:It would take 1 of the money-hoarding behemiths (not McDonalds) to start hiring again, and the rest will follow suit. If a company like Citi Corp decides to fill 50,000 jobs out of necessity, that pay a living wage, the rest will have to do the same in order to remain competitive.

It's getting close to that point because productivity is beginning to level off, meaning the current work force is maxed-out.

"that pay a living wage" are the KEY words in ANYTHING that NEEDS to be done, but right NOW they don't want to PAY a living wage or FULL time if any. This is the problem.

This is absolutely the problem AND the solution. There is no competition. The answer is a union. A union of working people, employed or not. If the majority who were employed started going on strike until their work demands were eased by hiring other workers we would all have jobs within 6 months.
How do we do this? I don't know but it starts with not letting them pit us against each.

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

Post by Guest on Fri Jun 10, 2011 10:34 am

mistermunster wrote:Senator Orrin Hatch of Utah, the top Republican on the Senate Finance Committee, said today he would consider supporting an employer payroll tax cut. He also said that approving free-trade agreements and easing wage restrictions on government construction projects would be better ways to encourage hiring.

I wouldn't TRUST ANYTHING this friggin moron HAS to say. Remember this bonehead wanted to DRUG test us all for our UI this time last year. Man is a menace and NEEDS to be REMOVED from office....FOREVER!!!!

As soon as I saw that Orrin Hatch thought it may be a good idea, I knew the whole thing stunk!

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Re: Payroll-Tax Break Said to Be Discussed by Obama Aides Amid Slowing Economy

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