Effect of payroll tax cut...

[dkf]

The payroll tax cut gave the average family $1,000 more to spend. According to Joel Prakken, senior managing director at Macroeconomic Advisers, the payroll tax has so far contributed to a 0.4% increase in economic growth and lowered the unemployment rate by 0.2%, or roughly 300,000 jobs.

According to the President’s Council of Economic Advisers, every dollar of government spending on unemployment benefits boosts the economy by $1.60. Congress’ Joint Economic Committee says that ending those benefits would drain $80 billion from the economy and destroy 1 million jobs.



http://wallstcheatsheet.com/economy/the-truth-about-extending-payroll-tax-cuts-and-unemployment-benefits.html/

[panader0]

1. Like an earlier poster asked: What about those not on a payroll?

The ones who really need help? I haven't made a dime so far this year on a payroll. All cash jobs (which I claim as far as taxes go), and there are millions like me, scraping by, that payroll tax cuts will not help.
Why did I ever get into construction?
edit to add: $1,000 a year is only $80 a month. Wow.

[Autumn]

2. It's sounds great, if you have a job

otherwise not so much.

[Cali_Democrat]

3. See reply #1

Also, if the payroll tax cut is already an existing program, how exactly will extending it reduce unemployment when the program is already active and unemployment is still extremely high?

[brentspeak]

4. The now-eliminated Making Work Pay tax credit put $$$ in people's pockets

but without leaving Social Security http://mobile.salon.com/politics/war_room/2010/12/10/zelizer_social_security_tax/index.html">a sitting duck for later dismantlement.

[RC]

5. Your link is scary