The payroll tax cuts President Obama negotiated and signed into law during the lame-duck session went into effect on Friday, and the White House wants to make sure the millions who will benefit from the law know it.So I guess they'll have a media blitz to remind the dummies out there that they may have a couple extra bucks in the paycheck. Whoop de damn do. At the rate of inflation and with oil prices surging, it's not going to make any difference.
Treasury Secretary Timothy Geithner said Friday that for the tax cuts to have a stimulative effect, the public needs to be aware they’re getting more money in their pockets.
More than 159 million families will benefit from the $112 billion in tax cuts, part of a broader package agreed to by Obama and Republicans that extends all the Bush-era cuts.
Under the payroll tax holiday, the average worker will see an annual paycheck increase of about $700, and the average family will see an increase of more than $1,000, Geithner told reporters at a White House briefing Friday afternoon.
But the guy who helped rack up a $14 trillion debt in record time will surely be there to remind us how lucky we are to have him in our lives.