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The tax cut decreases the federal payroll tax by 2 percentage points, increasing the take-home pay for American workers everywhere. That is real money for real people. For a couple making $60,000 each, their take-home pay will climb $2,400 in 2011. That is $2,400 more in their pockets, and $2,400 more that could go into our economy creating jobs and growth. That's extra money they can use to help with bills and groceries, or even to upgrade appliances or make their home more energy efficient. All told, this tax cut will put $112 billion into the pockets of 155 million workers, who will then inject it back into the economy, spurring growth and creating jobs.

All of that spending, of course, will lead to an increase in demand for products made right here in the U.S., creating more manufacturing jobs and leading to more customers going into local businesses. Businesses across the country will get the extra economic push they need to expand and bring workers back on the payroll. Economists, experts and commentators from across the political spectrum agree that the payroll tax holiday is one of the most effective ways to spark real, lasting economic growth.

No effect on deficit

As an extra holiday bonus, because this is a temporary measure, the cuts will grow our economy now without adding to our deficit in the future. In fact, the payroll tax cut was recommended by both the president's fiscal commission and the Bipartisan Policy Center's Debt Reduction Task Force as one of the most economically efficient ways to create jobs and grow the economy.

Critics have been spreading misinformation that the payroll tax cut will threaten the solvency of Social Security. That's just plain wrong. The legislation creating the tax cut requires that any money the payroll tax would have provided to Social Security be replaced by other U.S. general revenue funds, protecting Social Security without an additional burden on taxpayers. The Social Security Trust Fund's chief actuary as well as the executive vice president of the AARP have both spoken out, saying that the payroll tax cut will have no financial impact on Social Security.

Creating jobs

This payroll tax cut — which is showing up in workers' first paychecks this month — represents just the kind of sound economic policy this administration has pursued from the get-go. Money will immediately get into the hands of those who need it most — middle class families — and economic history has time and again shown that they will go out and spend it, spurring demand and creating jobs. Combined with the other elements of the tax package signed by the president, the plan is estimated to create more than 1.5 million jobs, with some analysts predicting even more.

Like the rest of the tax package, cutting the payroll tax helps millions of American families keep their jobs, keep a roof over their heads, keep food on the table, and keep their kids in school, all while keeping our economic recovery moving in the right direction. It gives millions of Americans help where they need it most — in their wallets. And it puts us all more quickly on the road to a strong, robust, enduring economic recovery. A happy holiday, indeed.

Joe Biden is vice president of the United States.