Plan has to be put in quotations, of course, because a) we haven’t actually seen it yet, b) we’ll probably never see it, we’ll just hear about it Thursday night and during press conferences and campaign speeches, a c) we all know it will be the same old tired and failed ideas, per MSNBC: Obama to propose $300 billion to jump-start jobs
The economy weak and the public seething, President Barack Obama is expected to propose $300 billion in tax cuts and federal spending Thursday night to get Americans working again. Republicans offered Tuesday to compromise with him on jobs — but also assailed his plans in advance of his prime-time speech.
According to people familiar with the White House deliberations, two of the biggest measures in the president’s proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together those two would total about $170 billion.
The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could still be subject to change.
The White House is also considering a tax credit for businesses that hire the unemployed. That could cost about $30 billion. Obama has also called for public works projects, such as school construction. Advocates of that plan have called for spending of $50 billion, but the White House proposal is expected to be smaller.
None of these ideas worked back when the Democrats passed their $843 billion Stimulus plan. The best it can do is provide some short term jobs. None of these ideas stimulated commerce which led to increased hiring in the private sector. Remember that $7-$13 extra a week you had in your paycheck? Did it get you to buy anything more than an extra meal a week? How about extending jobless benefits? After extension after extension, the unemployment rate is still over 9%. Tax credit to hire the unemployed? Sure, companies that were going to hire anyhow liked it, but, it obviously did not stimulate extra hiring.
Public works? Interestingly, the recession was said to have officially ended in June 2009, but most Stimulus measures kicked in after that. So, we can say that it was the Bush policies that ended the official recession, but the Obama policies made the economy worse.
Politico reports much the same, and also says he wants to offset these “ideas” with tax increases later.
What we can also expect from Obama’s campaign speech to a joint session of Congress will be these brief ideas, along with raising taxes on evil rich people like himself, patent reform, and free trade agreements (has the White House sent them over to Congress yet?). That, and lots of calls for bipartisanship followed by excoriating Republicans.
Crossed at Right Wing News and Stop The ACLU.
[…] say he will also propose extending unemployment benefits, again. How has that worked out for us? William Teach took a walk down memory lane.None of these ideas worked back when the Democrats passed their $843 […]
If ALL those receiving unemployment for the fricken 10 years were to be cut off they would start pointing fingers at OBAMA.
RIGHT NOW…Obama and the left are JUST SWELL cause they are giving these people 10 years paid vacations while they run the country into the gutter.
RAH…RAH….RAH…..GOOOOOOOOOOOOOOOO Democrats!!!!
I know what this is for. There are some businesses that won’t hire someone who does not currently have a job. While there may be some legitimate reasons for that, in my opinion it is short sighted.
So Obama and his buddies want to make sure the “unemployed” get hired.
This is one place where the real world hits the world of theory and academia.
If a person who is now working at Company A finds a job at Company B, and leaves for that job, the job at Company A is now open. That job will require a new applicant. That is what growing the job market does. That is real world.
In essence, what Obama and his friends are saying is that if a working person wants to better themselves and get a better job, Obama thinks they shouldn’t. Obama thinks that instead of the employed and unemployed person competing for the same job on the same playing field, he wants to tilt the playing field.
He is actually saying that a company who employs a currently working person should be penalized for hiring the best person in the mind of the company.
This is pandering. Pure and simple. It panders to the people who don’t have jobs by saying “see? We will demand that companies hire you!” and all the while saying to the working person, “screw you. You have a job.”
Welp, I was wrong. I was betting for less than $10 Billion. But, if they can do QE3, then they can also do STIMULUS-3.
But hey, no worries about deficit spending this year. WE got it covered, right?
By the way… how does spending government money increase jobs? How does increasing taxes allow for increasing employment?
The tax credit for hiring never worked before and it won’t now. The average “burden” a company pays for employees making $40,000 is $15,000 if the employer was intending to hire they’ll take the $5000 windfall. If they don’t need more workers they don’t need more workers.
Ok. who didn’t see this one coming….
Was $300 billion… but now…
Obama to Unveil $400 Billion Jobs Plan
He’s now up to $450 Billion. YEAH! aint that awesome!?!??!