Tag Archives: Community Reinvestment Act

A comment worth promotion

In an earlier thread, commenter Doug took issue with the premise of a letter to the editor of my local paper that I’d posted, in which the writer addressed how our economy got into its present condition.  Doug’s comment  then elicited a response from ojmo which I think is worth promotion to the front page so you can read it too. It’s long and full of those fact things and deserves a read.

Doug said:

Can I point out that Medicare and Social Security are payroll taxes, and come out of MY paycheck? I did not see those taxes get cut…And the great recession came as a result of the housing collapse (compounded with high fuel costs). The housing collapse came out of irresponsible lending encouraged by the vaunted government institutions of Fannie Mae and Freddie Mac. The government was encouraging, rewarding, and driving banks to give mortgages to people who couldn’t afford them. These programs were conceived under Carter, pushed under Clinton (I remember the news stories personally), and warned against by Bush and McCain, to name two, but poopooed (I just wanted to get poo into this). Let’s look at the unemployment rate before the housing collapse, shall we? Then let’s look at the job creating juggernaut that is Obama and the rates over his tenure…

And ojmo responded: 

Can  I point out that Medicare and Social Security are payroll taxes, and come out of MY paycheck? I did not see those taxes get cut…

The Republicans are the party that cuts income taxes on the wealthy every chance they get. Payroll taxes are different because they’ve already “baked in” upper limits on those taxes. However, as far as payout on the benefits goes, the Continue reading