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View Diary: Obama Twists The Knife: The 'Know-Nothing-Party' Squirms in Pain (175 comments)

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  •  tax on the poor went up too (0+ / 0-)

    I'll see a significant chunk taken out of my pay due to the expiration of the 2% cut in payroll tax.  But good thing they were able to cap the tax on capital gains to a nice low figure.  Otherwise, all those rich people might have gone Galt.

    •  I don't mind paying 2% for Social Security. (0+ / 0-)

      **Your beliefs don't make you a better person, your behavior does** h/t Clytemnestra/Victoria Jackson

      by glorificus on Wed Jan 02, 2013 at 12:05:58 PM PST

      [ Parent ]

      •  it's not an issue of minding (0+ / 0-)

        There are something like 130 million wage earners in the US.  All of these earners will have their checks reduced by an additional 2% up to the SS cap.  That amount of money is now being pulled out of the economy rather than being financed by govt borrowing.

        Cutting consumer spending during a shaky recovery could be risky.  It will be hard to know for a couple of months.

        BTW the best way to fix SS solvency is to get people working.  This deal probably won't help that.

      •  and FWIW (0+ / 0-)

        According to cnn the median income continues to fall.  I will personally be able to weather the smaller take home pay.  But I am certain there will be a number of people for whom that decrease will be a significant hardship.  It may not seem like much to some people, but I know I can buy a lot of groceries for $20.

        The deal is done, so it is what it is, but the spin that there isn't any impact to the under 400k group is going to meet reality soon.

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