White House and Congress scramble to bolster U.S. economy

The Kansas City Star

Aug. 9, 2011

The Bipartisan Policy Center in Washington, for example, has suggested for workers and employers a one-year holiday on the payroll tax that funds Social Security. The 12.4 percent tax reduction would add $480 billion to business balance sheets and workers’ pockets immediately — while making the deficit worse.

“In the short term, it does,” acknowledged Steve Bell, director of the center’s Economic Policy Project.

But he added, “You don’t have growth, you don’t have revenues.”

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