Senator Jon Kyle shows you how it's done:Check out this
exchange from yesterday's Fox News Sunday program:
WALLACE: ... economists say there's a real impact if you don't extend payroll tax cuts and employment insurance. And let's put it up on the screen.
They estimate and again both of these run out January 1st, that failure to extend the payroll tax cuts and unemployment benefits will cut GDP growth 1 percent to 2 percent next year, and cost more than half million jobs.
You say you question the stimulative affect. But according to these economists, there's a real danger if Congress doesn't extend both of those, put the country back into a recession?
KYL: Chris, I don't know who those economists are. I just read a piece by Art Laffer, who is a respected economist, who say that isn't true.
Laffer is the go-to guy if you need a "scholar" to support your peculiar economic policies. (John Lott does that for gun control. Lord Monckton for global warming.)
posted by Quiddity at 11/28/2011 09:05:00 AM
"The best way to hurt economic growth is to impose more taxes on the people who do the hiring"
They've got their party line and they're sticking to it, LOL.
Let's set the time machine to 1993:
On August 20, 1993, Laffer told his clients, “Clinton’s tax bill will do about as much damage to the U.S. economy as could feasibly be done in the current political environment.” He said that interest rates would rise and the stock market would fall.
The next GOP "debate" could sure use a "Laffer" for curve-ball humor.
Is the payroll tax holiday stimulative? Yes.
Does the payroll tax fund social security? Yes.
Which one of the above is always in the news and which ones isn't?
Before you answer that answer this: which Democrat currently residing at 1600 Pennsylvania Ave promotes both a Grand Bargain featuring Bowles-Simpson "entitlement reform" and extension of the payroll tax holiday?
It might be a self-consistent policy platform but it's a huge step away from the Dems traditional platform.
