Mike’s Musings

Random thoughts, opinions, ideas and prognostications on the day's events.

The biggest casualty of the coronavirus outbreak is going to be the World Economy. Medical experts are working on containing, treating, and eliminating the virus. The President is already focused on the aftermath. He aims to mitigate the impact of economic damage on Americans. This measure probably will not pass because big-spending politicians of both parties this would be like going cold turkey off of heroin. Letting people keep the money they earn is a dangerous concept because they are liable to get used to it. There is too much of the swamp left in both parties and both Houses to ever let this happen. They are not going to take their greedy little hands out of our pockets, even momentarily, lest we realize it didn’t belong there in the first place.

President Donald Trump, in a meeting with Republican lawmakers Tuesday on Capitol Hill, pitched a 0% payroll tax rate for employers and employees that would last through the rest of this year, a White House official told CNBC. There was also discussion of making the payroll tax rollback permanent, said the official, who declined to be named. Payroll taxes are used to fund Medicare and Social Security. When asked about the potential cost of a payroll tax cut, the official pushed back and asked why there is always a focus on the cost of tax cuts. The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak. After a 2,000-point drop by the Dow Jones Industrial Average on Monday, the Dow bounced back somewhat Tuesday, rising 1,000 points late in the trading session.  Earlier Tuesday, CNBC reported that the White House was not ready to roll out a specific plan of action on the economy while the deadly coronavirus spreads. Trump stunned people in the White House on Monday, according to officials, when he said that he would announce economic policy proposals at a news conference Tuesday. A press briefing with the White House coronavirus task force is slated for 5:30 p.m. ET Tuesday, according to Trump’s official schedule. The White House has also invited Wall Street executives to a meeting Wednesday to discuss an economic response to the coronavirus’s impact.

Coronavirus: Trump pitches 0% payroll tax rate for the rest of 2020

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