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This is truly an idiotic move by the President. He is not to be a dictator. If Congress can’t come to an agreement, then no changes should be made. Besides, we are deeply in debt and have no money to give. This is a concept neither side seems to be able to grasp. Both sides won’t be happy until we are bankrupt like Greece.
Funny, when this 6.2% deferral was implemented for the EMPLOYER share of FICA, it was all good and easily done. (my company did it) This employer deferral is still in place (as long as you didn’t get a PPP loan) through 12/31/2020 and will be repaid over 2 years starting in 2021. Could it be because the employer deferral was part of the CARES act, where this employee deferral was implemented by President Trump!? (heavy sarcasm intended if it didn’t come through!)
Rod B. – First, few companies are availing themselves of the deferral since that’s all it is, a deferral, not a cut; also, tens of millions of companies got the PPP and are ineligible, as you mention. Republicans never liked and still don’t like the idea of a SS and MC tax cut regardless of whether it’s a deferral or a cut. It’s not very stimulative, surely not to bring people off the U/C bench. And, of course, it does no good for those who are unemployed. So, the lukewarm response is because it’s dumb, not because it the Orange Man’s idea/ EO, which of course isn’t constitutional just BTW.
Trump has been wrong about almost everything and he does it again. Now he’s telling us that Social Security does not need money from the contributors. Is there any reputable economist who thinks that?
Of course not.
Who would want the office of the president with all the damage he is causing?