Linswritings

Did you see Obama’s America’s Job Act speech?

Posted on: September 9, 2011

I’m sure many people watched the President’s speech last night. But did you know that the Associated Press did a fact check on his  speech and found some glaring errors. According to Ed Morrissey of Hot Air he listed the fact check errors on Obama’s big economic speech in front of Congress.

Obama was emphasizing that his new jobs plan had four specific qualities that can easily “pass the bill” (he said this 17 times). He
also promised that it was fully funded, would not add to the deficit, create jobs immediately and had bipartisan ideas, the AP said “not so fast Mr. Obama.”

His nearly $450 billion American Jobs Act did not spell out exactly how he would pay for the measures but said that he would get specific in a week. Sounds like Wimpy promising to pay you next week for a hamburger that he wants today. (Wimpy is a character in the Popeye comics.)

Essentially, the jobs plan is an IOU from a president and lawmakers who may not even be in office down the road when the bills come due. His plans are not quite bipartisan either. Obama wants to cut in the Social Security payroll tax which I’m sure the GOP will not support. How much more can he cut into Social Security – it’s going broke and seniors need the money to live on. I guess there won’t be a COLA next year again – this would be three years in a row that the senior won’t see their Social Security increase even by
2 percent. Not a good political move if Obama wants the senior votes.

Then Obama made a pitch to end Bush-era tax cuts for the wealthiest Americans, which he has defined as couples earning over $250,000 a year or individuals over $200,000 a year. Republicans have adamantly blocked what they view as new taxes. As recently as last month, House Republicans refused to go along with any deal to raise the government’s borrowing authority that included new revenues, or taxes. Once again, Obama’s promoting class warfare – it’s getting very tiring.

In addition, the plan is not deficit neutral. It’s hard to see how the program would not raise the deficit over the next year or two  because most of the envisioned spending cuts and tax increases are designed to come later rather than now, when they could jeopardize the fragile recovery. Even the stock market did not like his speech; the DOW is down dramatically today.

It’s hard to see how the program would not raise the deficit over the next year or two because most of the envisioned spending cuts and tax increases are designed to come later rather than now, when they could jeopardize the fragile recovery.

As for an immediate effect –not so much. Obama wants to set up a national infrastructure bank to raise private capital for roads, rail,
bridges, airports and waterways. Even supporters of such a bank doubt it could have much impact on jobs in the next two years because it takes time to set up.

Finally, the same elements Obama insisted last night would stimulate job growth were the same elements that comprised the 2009 stimulus bill.  We have the same speeded-up infrastructure spending (this time masquerading as an “infrastructure bank”), the same money for state bailouts dressed up as rescue packages for teachers and first responders, the same Making Work Pay-type temporary tax cut for workers, and a “hiring tax credit” that flopped when Jimmy Carter first tried it.

Obama didn’t offer one single new idea last night.  He didn’t even offer an idea on how to pay for the bill, whose price tag Obama never mentioned once in his speech but has now bloated from an initial estimate of $300 billion to $450 billion.  Instead, he told Congress to figure out how to carve the cost out of future spending while it battles over meeting its $1.5 trillion commitment from last month’s debt-ceiling increase.

Advertisements

1 Response to "Did you see Obama’s America’s Job Act speech?"

The bullshit continues. I am tired of his right now approach. That got us Obamacare which no one read before signing. It can cause a lawyer to get disbarred for suggesting that someone sign a document that they have not read nor understand.

John Wilder

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: