http://hosted.ap.org/dynamic/stories/U/US_JOBS_DE…
I will be really surprised if this is all that he comes out with. I was expecting Obama to swing for the fences with a jobs program or another round of huge spending. Extending the payroll tax break and jobless benefits? That is a far cry from where I thought his plan would be. All this tells me is that the guy has absolutely no plan on how to fix this economy and he is scared shitless about his chances in 2012 if he spends another trillion so he throws this thing together.
No vision. No nothing. I don't expect the markets to react at all to this. If this is his big jobs plan that he had to wait until after congress' recess to tell us about it, then I am not sure how the Democrats on this site can really defend that this guy has a clue what he is doing. These are mostly policies that are already in place and it wont get any business out there excited to start hiring again.
Then again I may be jumping the gun here and he may have something big that has not gotten out yet.
same ole shit, different day. Put a fork in him, he's done.
.
Keep in mind that it wasn't till december of '10 that the '09 stimulus spending approached 300B. So if 300B was actually all spent at once, that could be a considerable thing for the market. Of course, that isn't gonna happen, and there would more likely just be 300B spent on special interests over a couple of years, if the intent is to spend 300.
The 300 includes the tax credits that are already existent. Extending those credits is not really spending, its letting a business keep its money, and it doesnt change anything in the current market. A business is not going to run out and hire more people because of these extensions. If they were, they would have already done it. Letting those credits expire would def have had a negative effect. Did we really expect Obama to let the payroll tax credit expire w/ a 9.1% unemployment rate? These were easy and obvious decisions on his part, which leads me to believe he does not have a clue what he is doing.
Why is the payroll tax credit not extended to the businesses? It is stupid. I love how he's using his Enron-esque accounting measures to say its $300bn, when a lot of it is not repealing tax credits, continuing stuff that he's already doing, etc.
$300bn can't buy the EZ out of it's monetary crisis. Also....
Rather than start a new thread for this, did anyone see that Drudge linked to ZeroHedge regarding the EuroZone Crisis?
^^MMB, I read that they were going to extend a tax credit to businesses as well. Nevertheless, it's a bunch of bullshit that won't do anything besides increase the deficit.
What a joke. This is the Republicans election to lose. Obama can go back to teaching law and breeding the next crop of socialists.
Also, the extension of jobless benefits = more jobs is always a hilarious Keynesian theory IMHO. They are saying that people without jobs will spend the money, revitalizing the economy, prompting businesses to hire more, and put them back to work. Rather than the more likely scenario, where the people just sit on their asses and collect free money for what...the 3rd year in a row? Without a prospect for jobs, why would people not be thrifty and save the money?
Not trying to defend Obama, but people shouldn't expect some kind of miracle from his speech. No matter what he says and proposes won't change the environment in the near term. The job plan should be aiming at long term job generation by providing economic incentives to businesses - that means no free lunches, stimuli and that sort of things.
Hope and Change.
I'm going to say this on every political thread thats ever posted.
Fix the tax brackets, then we'll talk.
Please define 'fix' for me, I'm slow.
I've heard some stuff about ratifying pending trade agreements and streamlining the patent process. Those are areas Republicans can and should compromise on.
A $30 billion tax credit for hiring is absurd and should be rejected flat out. As has been discussed, offering a $3,000 one-time tax credit per job created does not at all incentivize hiring of new employees. In order to hire someone for $30,000, an employer will have to come up with somewhere in the neighborhood of an additional $15,000 for taxes, insurance and benefits. So a $30,000 employee has to return at least $45,000 in revenue to break even. $3,000 won't move any company to hire additional people. There has to be an annual incentive of profit today or in the future for creating jobs or a business need. $3,000 is just not gonna do it.
^^^I agree^^^. Why is it that $300,000 earnings is lumped in with "millionaires and billionaires"? Let's have some intellectually honest tax brackets.
I'm for a single tax bracket....
lol, I don't disagree
Bump for Obamas speech
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