We need to suspend the 15% payroll tax for at least the rest of 2020 – probably not forever, but for sure till the end of the year.
That would be the quickest, most effective way for the government to get people back to work – simply by giving both employees and employers a break.
Maybe this break should be limited to small business and to people earning under hundred thousand dollars a year. We need to get people back to work and for the states to figure out what they actually need.
I strongly believe that we don’t need to give the states money for pension bailouts.
We already know that this mess is going to cost everyone a fortune – government revenues are in the tank along with business, but we’ll just have to find a way. The states should get enough to be made whole for the money they didn’t collect during the pandemic, but no pension fund bailouts. New York and California were on their way to pension fund bankruptcy already – so we’re all supposed to take care of them because of the virus? No, I don’t think the virus causes these terrible pension problems. When over 120,000 people in Illinois get $100,000+ PUBLIC pension payments a year something is wrong and it isn’t related to COVID 19. There are some people collecting well over $400,000+ a year in pension payments. That can’t be right.
We need to fix the pension system and get it back to where is something sustainable or let it die – not bail it out.
The totally unsustainable pension systems in these big cities exist largely because of the corrupt unions. Oregon is another state that’s way out of whack because they let the unions run the pension fund and – guess what? They grabbed all they could from the taxpayers’ pockets. What do we expect?
I still believe we should go to a 401K system for the government and industry. If we could do that over a 20 year period of time none of this would be an issue anymore because it’s harder for organized unions to corrupt pension systems when you’re in a 401(k) because you pay as you go.
That’s how they saved Detroit – they went to a 401(k) system and that saved the auto industry. Whether or not we’re going to make it through this relatively intact I have no idea, but the one thing I do know is a payroll tax holiday is the only way to get money back to the people fast directly and stimulate the economy as well, because if working people can get that 7.5% of their income back in their pockets and purses it will get spent and businesses will be able to hire more people.
Let’s work together on this –
let’s not stand back shoot at each other over our disagreements.
We’re all trying our best to support others – let’s not divide our country over this crisis, which can actually be a great opportunity to unite our country and straighten out some bad policies. One thing about this crisis is that we need to wind up with less government, not more, and my fear is that this crisis is going to be a great example of what Socialism will be like. I’m afraid that come September/October we’re all gonna get a dose of Socialism that was brought upon us for all the wrong reasons but it will be interesting. There is no excess wealth to support a socialist system to begin with, and if the world banks start downgrading our rating then we’re gonna find out what Socialism is really all about – and I for one will not be a happy camper when that happens.