$1.1T
For the same cost as the deficit spending bill, we could suspend all payroll taxes for a year. Think of the jobs that would create.
Or to put it another way, the money it will take to pay off the deficit spending bill is equivalent to doubling the payroll tax for a year. Think about how many jobs that will destroy.
Again, the fact that we’ll have to pay it off is not a slam-dunk case against deficit spending. But let’s be clear on what’s at stake if we do this wrong. Lots of smart economists still want to boost government spending, but they’re not going to pretend it’s risk-free.
3 years ago