Since it sounds as if Trump still wants a payroll tax holiday, a wonky point that is actually crucial: workers wouldn't get any significant benefit from a cut in the employer contribution. We shouldn't do this in any case, but definitely no employer cuts 1/
Some people may remember from Econ 101 that economists normally say that workers actually pay both the employee and employer tax; indeed they do. But that proposition applies only to a long run in which wages reflect supply and demand 2/
In the short run wages reflect explicit or implicit contracts; your employer won't pay you more if its taxes go down. And the short run is what we're talking about. So half of the rumored Trump payroll holiday is a pure giveaway to corporations (surprise!) 3/
Add that to all the other problems: this does nothing for people who have lost their jobs or can't work, it encourages people to work when we want them to stay home, it gives practically nothing to low-wage workers 4/
So no payroll tax holiday. Just no — it's a completely terrible idea. Just give people cash 5/
