My name has the perfect number of characters.
Republican tax aides say the vast majority of the benefits Democrats are seeking to preserve are not tax cuts but checks written by the Internal Revenue Service and sent to the working poor. Given the huge increase in government aid, like food stamps and unemployment benefits, letting some assistance lapse makes sense, they say.
N. Gregory Mankiw, a former Bush White House economic aide and an adviser to Mitt Romney, said that a typical family in the lowest 20 percent of the income scale now receives $3 in government benefits for every $1 earned. Even the middle 20 percent receives slightly more in government largess than it pays in taxes, he said.
“What happened to the failed stimulus being ‘targeted, timely and temporary?’ ” asked Antonia Ferrier, a spokeswoman for Senate Finance Committee Republicans. “With our economy as weak as it is, stopping the president’s massive tax increase on nearly a million small businesses and then overhauling our burdensome tax code is how we’ll get America moving again. The same can’t be said for keeping the expanded stimulus spending through the tax code.””
These people are complete assholes. Do you know what the bottom 20% of households earn each year?
$0 to $18,500.
The “journalist” does not mention the numbers.
And guess what the “middle 20 percent” earn each year?
$35,000 to $55,000
How much debt do these households have? How much of their income goes to consumer staples? Do they have any excess income to purchase new technology? Assuming 235 working days per year, the bottom 20% earn about $80 a day. They must spend their income over 365 days which gives $50 a day.