A trillion dollar deficit, and the White House is thinking about eliminating SS and Medicare payroll taxes and adding in oil industry subsidies.
“President Donald Trump, in a meeting with Republican lawmakers on Capitol Hill Tuesday, pitched a 0% payroll tax rate that would last through the rest of this year, a White House official told CNBC.
The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak.
The White House is also considering federal assistance for the shale industry as oil prices have tanked in recent days due to a price war between Russia and Saudi Arabia.”
The big problem could be layoffs, particularly in lower wage, service jobs. Payroll tax cuts might not do much for those folks.
Apparently there was some chat about making them permanent. Nice. Nothing like using a pandemic affecting seniors to wipe out Medicare and SS, a classic GOP move.
Oil subsidies? Come on, some of the largest industry giants can’t weather a drop in crude oil prices. I thought cheap gas was a good thing according to the regime. Why not try to slip in a friggin coal subsidy while they are at it.
This whole mess is starting to border on the surreal.