President Trump and his campaign race to score a political boost from a series of weekend executive actions addressing the economic fallout from the coronavirus before the limited impact of the measures comes into focus.
He added that he was looking to cut capital gains taxes and income taxes for the middle class — moves that would also require action by Congress.
"It is far from clear that the payroll tax holiday will achieve its intended objective of, as the president said, 'save American jobs and provide relief to the American workers,’” Mark Hamrick, senior economic analyst for, said in a statement. “First, the action is a deferral of these taxes, not an elimination of them. So, the bill is still due, it just isn’t due in the short-term.
Even the lone move involving more concrete action remained surrounded by question marks: It's unclear how states, already struggling financially as a result of the coronavirus, would be able to meet their requirement to pay a quarter of the $400 a week in extra unemployment benefits the measure calls on them to provide.
“This president stood up for the American worker at a time when Democrats refused to do so,” she told reporters.
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