Trump made an incredibly stupid promise. Biden is turning it into a liability.

[catbyte]

Opinion by Paul Waldman

September 8, 2020 at 4:15 p.m. EDT

For reasons no one has been able to completely explain, a few months ago President Trump got it in his head that a temporary cut to the payroll tax would be a spectacular boost to the economy, despite the fact that almost no one in either party believed it was a particularly good idea.

At every step since then, it’s been clear that it was a huge mistake that has displeased everyone. And now, it could turn into a genuine political liability if Joe Biden gets his way.

Here’s the background. When it turned out that Congress had no interest in cutting the tax — which funds Social Security — Trump issued an executive order allowing businesses to temporarily defer the tax.

But then both large businesses and small businesses mostly said, “Thanks, but no thanks” to Trump’s idea, because implementing it would create a bureaucratic hassle and then their employees would be on the hook to pay back the deferred taxes next year.

snip

https://www.washingtonpost.com/opinions/2020/09/08/trump-made-an-incredibly-stupid-promise-biden-is-turning-it-into-liability/

[msongs]

1. subscription required nt

[Wounded Bear]

2. When Obama did something similar, it actually made sense...

because most folks were still working and employment was on the upswing. That recession was not employment based, it was mortgage based.

This recession is happening because huge swaths of the population is unemployed, none of whom would benefit from the plan to begin with.

[ecstatic]

3. Employers would be on the hook and forced into a debt collector /short term lender role

It's a complete nightmare for everyone involved. My employer opted out but some employees are still asking about it. trump is an idiot!

[Alpeduez21]

5. For someone who never pays debt

it makes perfect sense. The lazy lying steaming pile Hump is offering free money which would later be owed. He has always just take the money but not the obligation.

[ProfessorGAC]

8. The US Chamber of Commerce...

...the National Manufacturers Association, and the American Chemical Council all recommended their members pass on this "opportunity".
That's $5.5 trillion worth the GDP ignoring the idea.
Hard to believe many small businesses will do it as it complicates there accounting.
The financial industry would become flush with liquidity they can't lend, that pays almost zero interest, to themselves. They'll likely pass.
It could be that the federal government is the only one going all in on this EO.

[Silent3]

4. The company I work for sent out an email to everyone that they decided...

...quite wisely in my opinion, not to implement this stupid plan at all, for anyone in the company.

[Chemisse]

6. There seemed to be the implication that if HE won the election, it would never have to be repaid.

It was an insidious bit of coercion to voters. 'Vote for me or you're going to owe a whole chunk of money to the government at tax time.'

I'm so glad it never got any traction no matter how he tried to do it.

[louis-t]

7. It's trump. As usual, nobody wins.