On Thursday, for example, Mr. Obama’s chief economic adviser, Jason Furman, said that the payroll tax increase Mr. Obama favors would only go into effect in a decade, after Mr. Obama had left office (were he to be elected and serve two terms). “This is a pretty standard way to do tax reforms in Social Security,” Mr. Furman said in an interview Friday.
In its original form, though, Mr. Obama’s plan was far more ambitious. “If we kept the payroll tax exactly the same but applied it to all earnings and not just the first $97,500, we could virtually eliminate the entire Social Security shortfall,” he wrote in an op-ed piece that appeared in the Quad City Times, an Iowa daily newspaper, in September 2007.
Pretty nifty of him: increase payroll taxes and not have them come into effect until 10 years after he’s done. Change you can believe in, for the long haul, and let the next guy suffer the consequences.