Monday, January 07, 2013

The Payroll Tax Cut Expiration: "This hurts seriously!"

In the words of Brian Sozzi, chief equities analyst at NBG Productions, the end of the Social Security payroll tax holiday "hurts seriously." 

A few stories that have appeared online in the last couple of days echo that:


Since that last headline included a hash tag, I decided to pull it up on twitter to see what's there; it's pretty entertaining: #whyismypaychecklessthisweek. Here's a few choice selections:
"Still upset w/your lower paycheck? Try this: don’t think of it as a tax, think of it as a penalty. Better now?"
"Because you are one of the many millionaires and billionaires that are earning $50-$250k ;)"
"Because you are not on Food Stamps, SSDI, Section 8 Housing, Obamaphone, or in Prison you racist conservative."
"because you get your news from The View and voted for Obama. Trust me, you deserve less pay."
That last one wasn't one of my favorites, but I included it because of my own anecdotal "man on the street" moment this evening, which inspired this post:

While standing in line at the grocery store, I overheard the customer ahead of me lamenting her reduced paycheck. From what she said, I could tell that she was one of the people I consciously avoided becoming, someone who became accustomed to having that money available to spend. For her new-found financial distress, she blamed Obama.

As far as I know, that's not quite accurate - my reading on the matter points to the expiration of the tax holiday being due to neither side of the aisle showing much interest in extending it into a third year. However, mistaken as it may be to pin this particular matter on Obama, I think it's a good primer for people who may still be suffering from hope-nosis to begin getting angry with the man. It might make it easier for them to identify the source of a lot of reduced opportunities and higher costs that they'll be facing thanks to the policies he represents.

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