Monday, December 31, 2012 At the stroke of midnight, your effective salary will shrink.
Starting Tuesday when the payroll tax break expires, around 160 million American workers will bring home less money with every paycheck. For workers earning $50,000 in annual salary, that means $80 a month slashed from take-home pay. That's nearly $1,000 for the year. Another way to think about it: It adds up to one less bag of groceries each week.
BLOG POSTS  | Mohamed A. El-Erian: This Political Polarization Is Really Bad for America
As the year comes to an end, dysfunctional Congressional politics continues to dominate the headlines, and rightly so. If left to fester, the related inability of Congress to step up to economic responsibilities would risk being associated with more than just sluggish growth or persistently high unemployment. It would also undermine the ability of many citizens to realize the American dream. |  | Jared Bernstein: Too Many Baselines!
In the budget debate, we are currently beset by so many different baselines -- different possible spending paths -- that it's almost impossible to make a meaningful comparison. |  | Sanjay Sanghoee: Bankrupt Politics: The Republican Plan to Kill Our Economy
If the economy continues to grow, the president's second term will be a victory, period. That means the Republicans actually have to make sure it goes wrong. To accomplish this goal, the Republicans seem to have settled on two angles of attack. |  | Randy Duncan: Sequestration, Obama Budget Cuts Threaten Much-Needed Missile Defense
As Congress and the president struggle to come up with a deal to avoid sending our country over the fiscal cliff by year's end, they should defense of the homeland more seriously -- particularly the draconian defense "sequestration" cuts that are set to take effect January 2, 2013. |  | Mary Manning Cleveland: The Keynesian Stimulus Spending Fallacy
It's a truism of pop Keynesian economics that consumer spending drives the economy; if spending slows in a recession, government must make up the difference. | | MOST POPULAR ON HUFFINGTONPOST.COM |
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