The Republican Plan for Economic Emergency

Mitch Daniels published an Op Ed today on the Republican economic plan, Time for Emergency Economic Reform (search google for the title to get around the subscriber wall), here is all you need to know:

Payroll tax holiday. Suspend or reduce for the emergency period, say one year, the Social Security payroll tax on workers.

That alone would be a half-trillion dollar annual stimulus. Obama has so far proposed about $150 billion in business tax cuts to boost demand, none of it as effective (or progressive) as a payroll tax holiday. Why have we ceded the lead on jobs to the Republicans?

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