PAYROLL TAX DEFERMENT: MEDICARE, SOCIAL SECURITY AND EMPLOYEES

Some companies don’t want to defer the tax payments because employees will not have the capacity to repay the deferments later. Political pressure to cancel the deferment debts will cut the revenue sources to pay into Medicare and Social Security.

GOP DEFICIT HAWKS ARE EXTINCT

Our Brutal Capitalism

  • No universal healthcare–growing millions of people with no access to healthcare and worse during the pandemic and the high unemployment of those depending on employer-based healthcare.
  • Concentrated wealth and income in the upper 10 to 1 percent of people.
  • Concentration of political power in corporations and high wealth groups.
  • Broken presidential voting favoring small, rural, poor states with undemocratic local voting and the electoral college.
  • Low minimum wages and declining value of median incomes.
  • Racially segregated education, healthcare, employment, housing and public services like clean water, internet access, clean air, equity justice.
  • Socialism (meaning government benefits and subsidies) for big corporations and the wealthy, and the free market competition and harsh capitalism for the workers, poor and underprivileged.
  • Unchecked monopoly power of large, powerful corporations.
  • Exploitation of undocumented immigrants in low-wage dangerous work.
  • “Great wealth flows from great power; great power depends on great wealth. Wealth and power have become one and the same.” (p. 10. Robert B. Reich. The System: Who Rigged It, How We Fix It. 2020)
  • Economic growth now mostly favors the rich.
  • Weakening social safety net of social security, medicare, medicaid, unemployment insurance, SNAP (food stamp) benefits…

We Don’t Have A Long-Term Deficit Problem | The New Republic

But there isn’t, in fact, a “long-term deficit problem.” So long as interest rates stay below the growth rate, as they are, debt-to-GDP levels eventually stabilize and even decline. The notion that there is a big problem is pure propaganda based on a pseudo-debate, pitting two viewpoints that nevertheless converge on the practical issue.

via We Don’t Have A Long-Term Deficit Problem | The New Republic.