A Note Regarding the Payroll Tax Holiday Expiration

The 2% increase in payroll taxes that primarily affects the working and middle classes has a remarkable budget effect that has so far been essentially ignored by the media -- including the chest-thumping New Media.

It is this: the cumulative tax revenue gain from the expiration of the payroll tax holiday over the next ten years is in the neighborhood of $1.2 trillion dollars. This is far more than the projected revenue gains from the increases in income tax rates on the Rich (between $400 $150 and $600 $270 billion depending on how successfully they evade the increases.)

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Furthermore, there still is no jobs program, and there are no realistic economic stimulus measures even being contemplated by Our Rulers as they lurch from crisis to crisis, cliff to precipice. Instead, there is a continuation of corporate welfare and military overspending that sucks revenue and provides little or no economic benefit.