In yet another sign of just how broken Washington is, Congress has reached a deal to extend unemployment insurance again, to keep a cut in Social Security taxes in place and to keep Medicare’s doctor’s paid at their full rate. All it took was the Republican’s willingness to throw out the demand that Congress figures out how to pay for it.
The government is on a completely unsustainable path, but at least the Republican Party was able to demand that the Democrats pay for their spending programs or at least make them revenue neutral in order to pass. Makes sense, pass all the spending bills you like, just make sure you know where the money is coming from.
It is amazing what Washington can accomplish when they just say “Screw It” and take out the country’s credit card. This bill is now going to cost the country an additional $150 billion dollars that it doesn’t have.
President Obama, Mr. Class warfare himself, praised the deal as being able to help everyday Americans put a little more money in their pockets. It also extends unemployment benefits to 89 weeks (almost two years).
What you never hear anyone in Congress talking about though is that when you give away tons of money and don’t take in the reciprocal revenues, how is the system supposed to survive? Most experts agree that at current rate Social Security is going to be completely broke in the 2030’s. So what does congress do to add an additional $40 dollars to people’s paychecks? they cut the taxes that are supposed to pay for Social Security.
I wonder if all the Americans who are begging for the $40 now are going to be happy when they go to collect Social Security and there is no money to pay for it.
Do you think the payroll tax cut and unemployment insurance deal is ridiculous?
