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Monday, September 26, 2016

President Obama instituted a payroll tax cut for workers as part of his stimulus in 2009, and continued it as part of his late 2010 negotiations with congressional Republicans. Just about every independent economist or fiscal analyst will tell you putting money in the pockets of consumers who are most likely to spend it boosts aggregate demand in the economy and stimulates economic growth. Michael Pond, a Barclays analyst, gave a dire warning to Republicans obstructing another extension of the tax break: