A one-year extension of the employee-side payroll tax cut was passed in December of 2011. It's scheduled to lapse along with the other fiscal cliff policies in 2012. This is a particularly popular tax cut because it goes by and large...
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Obama is pooping his pants wondering "where the (f) am I going to get the trillions needed to pay for Obamacare?" But he's not really worried, after his four years are up he'll be retired and living high. He and his family will be forever taken care of by lavish government benefits. We'll be standing in souplines with our children and grandchildren and he'll be hanging with his Choom Gang Homies in Hawaii once again.
The coming fiscal cliff's mix of tax hikes and spending cuts are projected to seriously hamper economic growth over the next two years, and Congressional leaders would be wise to negotiate fixes for the problems. One of the more popular potential fixes, however, is only going to hasten the coming entitlement crisis by worsening the finances of Social Security.
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