GOP Trades Principle For Politics With Tax Deal

February 16, 2012 11:53

It moves up the bankruptcy of the Social Security system, while adding another $100 billion to our debt — all for a benefit worth less than $20 a week to average workers. – IBD


From IBD Editorials


“The payroll tax cut is political candy,” Sen. Jim DeMint, R-S.C. correctly observed Wednesday. “Once you hand it out, it’s hard to take it back.”


This is political pandering at its worst. And as we noted earlier this month, a new study of industrial nations finds that payroll tax cuts don’t boost the economy. Personal income tax cuts and business tax cuts do, but Obama and the Democrats want to raise those.


For the record, we think this is the most important election since at least World War II. A party that makes a case for less spending, lower taxes, smaller government, fewer regulations and a strong defense can win it.


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