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Obama Suggests Payroll Tax Holiday is on the Table

President Obama today said that the White House will continue to work with businesses to seek other ideas to spur hiring and revive the economy, suggesting that a payroll holiday is one of the options.

“We are willing to look at any idea that’s out there” that might help the economy, Obama said during a “town hall” style event on CNBC. Obama noted that the White House had been looking at the idea, and while not specifically endorsing it, declined to rule it out.

Some analysts thought Obama might announce a payroll tax holiday earlier this month when he rolled out his latest batch of “stimulus” measures, but he left it out of the package, which included incentives for capital expenditures, making the research and development tax credit permanent, and new money for roads.

Obama didn’t repeat the anti-Wall Street rhetoric that he has expressed in the past, but nor did he apologize for it when asked when he would stop treating Wall Street “like a pinata.” Instead, his message was, “get over it.”

It’s a two-way street. If you’re making a billion dollars a year after a very bad financial crisis, where eight million people lost their jobs and small businesses can’t get loans. Then I think that you shouldn’t be feeling put upon. The question should be how can we work with you to grow the economy?

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7 Responses to Obama Suggests Payroll Tax Holiday is on the Table

  1. This clueless President makes me want to scream. aaaggghhh.
    A payroll tax holiday??!!! That “tax” is the amount that your employer matches for your SS payments and sends to the IRS. It’s a tax cut for small, large and huge businesses and reduces the amount of money the gov’t gets to pay out SS entitlements.
    The only way a business makes money and hires employees is when they can sell their goods and services at a profit. A smart business pays little in taxes now and this doofus thinks that eliminating (for a while) the payroll tax will somehow turn everything around.

    Some of the participaters in this forum were not very nice to the Prez. He looked like he had been bitch-slapped with some of the comments. His supporters are disappointed in him and want to know “is this all there is”?

  2. This was the meeting where the Princeton Club was invited? Yes–I made a snarky comment about that, then learned people actually were not sucking up. Ooops. Well, good–getting a little splash of reality! I read in the WSJ that he is going to make another h/c sales pitch for the election. Face it–not popular, mister. You can force a homeless person to just buy a house. There! Problem solved…Um…can’t afford a house…

  3. “We are willing to look at any idea that’s out there” that might help the economy,

    Well, give Paul Ryan a call–he may be able to help ya. You know–Republican–no ideas?

  4. @srdem65: excellent post. “Clueless” is an apt description. Profit (and the motive behind it) is the dire enemy of this administration . . . unless the profit can be redistributed.

    @Star: Great point. Obama is trying to force us to purchase his healthcare plan. This will be overturned by the Supreme Court (like McCain-Feingold).

    Notice how *no Democrat* is running on Obamacare?

  5. Watching the CNBC “Economy Town Hall with President Obama” as I type this . . .

    Everything out of his mouth (except for current figures on unemployment and housing prices, and even those may be suspect) is absolute *bull scheisse*. The room is *obviously* stacked in his favor with clapping/nodding brown-nosed freaks, part of the “1984” strategy of liberal-Marxists: though shalt not speak ill of Dear Leader. He never answered the question from the Wall Street investor who BLASTED the boy-president with two questions, but instead, filibustered (as is his M.O. when TOTUS is not present).