This entry was posted on Tuesday, January 10th, 2012 at 1:35 pm and is filed under Fed.
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7 Responses to “Federal Reserve to Return $76.9 Billion to US Treasury From What Central Bank Earned in 2011”
“Right about the same size as the payroll tax cut, I believe”
$60B per SS FICA point (uncapped Medicare FICA point closer to $80B),
so two point reduction in SS FICA = $120B.
Its a pity Obama’s American Job Act got shot down.
4 points from employee side and 2 points from small business employers (call it equivalent to 1 point from all employers).
That would have been a $300B fiscal loosening. There was another $150B or so of stimulus spending (including Dean Bakers’s work sharing plan) that made it not a half-bad proposal, though obviously a $900B package would have been twice as good.