published Tuesday, October 4th, 2011

Obama's new stimulus bill won't create jobs

  • photo
    President Barack Obama gestures as he speaks on his American Jobs Act legislation, Wednesday, Sept. 14, 2011, at North Carolina State University in Raleigh, N.C. (AP Photo/Pablo Martinez Monsivais)

For the 9.1 percent of Americans who are officially unemployed -- and the millions more who can get only part-time work or who have given up the job hunt in frustration -- there are no easy solutions.

They are in real pain, and even if our nation adopted the wisest economic policies today, it would be awhile before they would see much relief from unemployment.

But that is clearly no reason to double down on bad economic policies.

President Barack Obama, like everyone else, realizes the gravity of the unemployment problem. So his response, touted loudly in recent weeks, is a "jobs bill" that would cost nearly half a trillion dollars.

But would that lower joblessness -- when the far larger previous stimulus of $862 billion didn't?

Obama wants to cut payroll taxes for workers and business. That would surely be popular. He also wants to spend more on public works projects to make jobs. And he wants a lot of spending to protect certain government jobs.

In addition, he wants some tax increases, which surely would do nothing to reduce unemployment. He wants to raise taxes on some individuals and companies, and close some tax loopholes.

Congressional Republicans say they are for cutting payroll taxes, but they don't want to spend more money, nor raise taxes. Even some Democrats in Congress oppose Obama's proposed tax hikes.

At any rate, all this is more or less an academic debate. There is virtually no likelihood that Obama's plan will pass in Congress, and that is a relief. But so long as the twin threats of heavier federal regulation and higher taxes linger, businesses will have a disincentive to invest.

And sadly, that will mean low job creation.

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conservative said...

It can't be said enough, Obamination wants to cut payroll taxes. The payroll tax that funds that sacred Socialism Security Trust Fund, the fund that YOUR money is in, drawing all that interest, just waiting for you. Just imagine the outrage if a Republican president were to propose depleting the "trust fund".

October 4, 2011 at 8:22 a.m.
conservative said...

The term "tax loopholes" is widely abused and demagogued. Tax deductions written into law are not loopholes because they are specific. A tax deduction written into law for a corporate jet is not a loophole anymore than a tax deduction for a car used by a business. The Demagogic party never stops instilling envy in its sheep.

October 4, 2011 at 9:23 a.m.
Rickaroo said...

Okay, so Obama's jobs bill won't work. Bush and his Republican sidekicks governed so brilliantly for eight years before Obama came along, so how can we not trust them and this right-leaning editor to know what they’re talking about? So I vote we go with the Republican plan to create jobs. Oh wait, they don't have a plan! Okay, so let's go with the tax cuts - that will surely get the "job creators" off their duffs and on the fast track to creating jobs. Oh wait, we've had tax cuts ever since Bush cut them in '01 and then…hmm… huge recession, loss of millions of jobs, and…. no new jobs, even though the "job creators" are sitting on more money than they've ever had. Did somebody forget to tell them that they got their tax cuts already? Oh well, then let's go with cutting spending. That’ll surely do it. It will cause tens of thousands, maybe hundreds of thousands, more people to lose their jobs but that's the beauty of Republican math: fewer jobs equal more jobs, I guess. I'm sure there's logic there somewhere. Yessir, I think those Republicans are on to something. Just stop the infernal spending, cut those damn socialist taxes, deregulate everything (clean air, water, and food are over-rated anyway - who needs ‘em?), and voila...ipso presto abra cadabra.... jobs, jobs, jobs galore. Now, that’s a plan we can really sink our teeth into. It’s brilliant! Get your work clothes cleaned, pressed, and ready to put on, folks. That magic bus that’ll carry us to Republican jobsville will be coming down the pike any day now.

October 4, 2011 at 10:48 a.m.
Rickaroo said...

Note to conservative: Here's a little refresher on where Republican golden boy Ronnie stood on tax loopholes and taxing the rich.

Amazing how similar to Obama he sounds here. They're almost giving the same speech! If the "Demogogic" party is trying to "instill envy in its sheep," then what was Ragan trying to instill back in the 80s? This is just evidence of how far out in right field the Republican party has strayed. They wander around aimlessly, just babbling their incoherent ideological BS. They don't make friggin' sense any more.

October 4, 2011 at 1:37 p.m.
BigRidgePatriot said...

tnvolssuckbad said...

Have you noticed that the Democrat controlled Senate is not voting on Obama's latest piece of junk? It was never meant to be passed, it is just a part of Obama's reelection campaign. Keep drinking the kool aid tnvols.

October 4, 2011 at 5:30 p.m.
GlacierClipper said...

Obama lacks the ability to create anything other than the Down Fall Of The USA.

Even the Democrats are coming out against Obama.

To save their own hides many of these Democrats have decided that it is best to avoid Obama.

October 4, 2011 at 6:14 p.m.
SCOTTYM said...

"Oh wait, we've had tax cuts ever since Bush cut them in '01 and then…hmm… huge recession, loss of millions of jobs, and…. no new jobs,..."

Rickadoodledoo, it seems as though you left out a bit. Like the 6 years of robust GDP growth, large increases in tax revenue, and millions of jobs created between '01 and Jan. '07 when the Demoncraps took control of both houses of Congress. After that, of course you got your "huge recession, loss of millions of jobs, and…. no new jobs, even though the "job creators" are sitting on more money than they've ever had."

One of Pres. Bush's biggest mistakes (there were plenty)was playing ball with the Demoncrap Congress. He should have vetoed every bill they sent him.

Harry Reid is blocking a vote on Oduma$$'s "jobs" bill. He's doing that so that he can protect his own party from having to vote against it.

October 4, 2011 at 6:49 p.m.
osama said...

8yrs of BUSH ruin this country, and now with the (REAL FAKE TAN) JOHN BOEHNER as the speaker (we dont stand a chance!!!!)

October 4, 2011 at 7:25 p.m.
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