No, Payroll Tax Cuts Won’t Create Immediate Stimulus. That’s Exactly Why We Need It.
September 12, 2011
The centerpiece of the jobs plan unveiled by President Obama Thursday night—the extension and expansion of payroll tax cuts to employees totaling $175 billion—has turned out to be among its most controversial aspects. Indeed, policymakers and commentators from across the political spectrum have argued that its stimulative effects could be negligible.