The way things are going, you know, the shoveling of income up the proverbial ladder...

[WCGreen]

it doesn't take that big of a leap of faith to think that the increase in gas prices was all engineered so that the money from the 2% temporary slash in our FICA contribution ended up where all spare money ends up these days - in the hands of the glad handers....

[DJ13]

1. I think you're right

And I also think that was the plan all along by our elected leaders in DC.

Just like the well timed.... just ahead of the mortgage crisis ....bankruptcy "reform" in 2005.

They are playing us for fools, and the signs are there that they have long range plans orchestrated by the corporations and enacted by their puppets in Congress and the WH.

[CaliforniaPeggy]

2. Yikes!

That's pretty scary ...

How would they engineer something like that?

You undoubtedly see something I'm not seeing...

[WCGreen]

3. Peggy, it was right after the extra cash started to flow into the pockets

of people that suddenly there comes a spike in energy prices...

Well, there was a lag of about 6 or 7 weeks...

[grasswire]

4. prices are manipulated by speculators

simple

[hfojvt]

5. the 2% FICA tax cut was ALWAYS tilted to the rich

Here's a couple making minimum wage, or say $8 an hour since I am not sure what minimum wage currently is. They make $32,000. Formerly they got a making work pay tax cut of $800. Now, thanks to Obama's awesome compromising skills, they get $640.

On the other side, here's the manager of the Wal-mart where those other two work, married, of course, to an accountant (or some other very well paid worker). Their income is $180,000. They used to get a making work pay credit of perhaps $400, since it phased out at $90,000 only the lesser paid spouse would get the credit. Now, thanks to Obama's awesome compromising skills, that power couple gets a FICA tax cut of $3,600.

A little, side-by-side again

income - FICA tax cut
$32,000 - $640
$180,000 - $3,600

So the rich do not really need higher gas prices to capture most of the FICA tax cut. Unless, for some reason you don't think a couple making $180,000 is rich - a view probably not shared by couples making $50,000 or less.

So say it with me again, just for nostalgia

yes we can!
yes we can!
yes we can!

I bet people probably didn't think one of the things we "can" do was give richer people 6 times as much in tax breaks as lower income working people, and sell it as some kind of victory over the Republicans (White House chart showing the FICA tax cut in the "what WE got" column. - "yes we can" (lie to our supporters)

[WCGreen]

6. The money put in the hands of the working class was meant to be

spent as it went along but instead it is being hoovered by the oil companies...

[JDPriestly]

7. Thanks for posting this hvojvt

And now think of all the people who have paid into Social Security for years and are now told that the US government "borrowed" the money they put in and plans to pay back the money to China, Japan, the Saudis, etc. but does not plan to pay back the money to Social Security. That on top of the inequity in the recent tax cuts.

Any ideas for a challenger to Obama for 2012?

[JDPriestly]

8. Hope you don't mind. I e-mailed a copy of your post to a friend.

Very insightful. But don't forget, the couple making $180,000 will now have to pay regular tax on the "saved" $3,600. So a small portion of what would have gone into FICA now goes into the general fund -- without having to be borrowed. Sleight of hand.

Obama and Boehner do yet another magic trick.

I'm sure we will get to see a lot more of this kind of entertainment.

[Statistical]

10. No they don't.

FICA is pretax deduction. It has no effect on taxable income nor federal income taxes paid.

[mdmc]

9. ..

[Statistical]

11. Correlation =/= Causation