The lift in May income from the one-time Social Security stimulus payments has long past and personal income fell to 1.3% in June.

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The public discussion of social security taxes, unemployment benefits, and stimulus takes place in the language of Keynesian multipliers and stimulus counterfactuals.

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With them in charge of both houses, the president could find it difficult to push through any policy initiatives, such as his proposed social-security reforms, or another economic stimulus package.

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When the administration unveils its fiscal 2010 budget Thursday, the key items to look for will be how the White House proposes to handle the ballooning costs of entitlement programs--Medicare, Medicaid and Social Security--and how it will offset the recent stimulus funding.

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The only stimulus measure for a country with 24% unemployment was a cut in social-security contributions.

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Add to that the fact that most Americans got their Social Security withholding slashed by one-third starting the first of the year, thanks to the stimulus rushed through Congress at the end of last year, and the Fed governors want you to know it.

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What is the social cost of raising taxes in the future to pay back the money the government borrows to fund the stimulus spending?

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In America, which has one of the lowest social safety nets in the rich world, extending unemployment benefits was, rightly, part of the recent stimulus package.

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