NYT Is Confused About the Payroll Tax Cut

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Friday, 26 August 2011 04:41
The NYT told readers that the temporary cut in the payroll tax, "resulted in $67.2 billion of lost revenue for Social Security in 2011 and a total cost of $111.7 billion spread over 10 years." Actually, the cut did not cost the program anything since the lost tax revenue was replaced by general revenue.