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Obama Plan ‘Follows Contours’ Of Stimulus

From Al Hunt at Bloomberg News:

Obama Said to Seek $300 Billion Jobs Package

By Albert R. Hunt – Sep 7, 2011

President Barack Obama plans to propose sparking job growth by injecting more than $300 billion into the economy next year, mostly through tax cuts, infrastructure spending and direct aid to state and local governments.

Obama will call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional panel charged with finding ways to reduce the nation’s debt.

Hilarious. Of course, we will get the $300 billion in new government spending immediately. But we will never see any of the "spending and entitlement cuts."

Also, according to other reports, these "tax revenue" increases (aka tax hikes) will only kick in after Mr. Obama is out of office — even assuming he is re-elected.

Almost half the stimulus would come from tax cuts, which include an extension of a two-percentage-point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers

Sorry, but is this not crazy? The ‘payroll tax’ is really just the Social Security and Medicare ‘tax.’ Aren’t these two entitlements causing most of our debt problems? What sense does it make to continue to cut their funding even more?

Whatever happened to Obama’s new era of fiscal responsibility? (Just kidding.)

The main components of Obama’s jobs plan, though not its scale, have been largely telegraphed by the administration. For weeks, people familiar with deliberations have said the White House is considering tax incentives, infrastructure and assistance to local governments. Obama has stressed construction and tax cuts in recent public speeches..

Obama’s jobs plan follows the contours of his $830 billion 2009 economic stimulus package, which also stressed tax cuts, infrastructure spending and assistance to local governments

"Follows the contours" as in being a scaled down carbon copy. But if $830 billion dollars didn’t stimulate the economy, what good will $300 billion do?

(Also, Hunt doesn’t seem to have gotten the Pelosi memo. They aren’t supposed to use the word ‘stimulus’ anymore.)

The direct aid to local governments would focus on halting layoffs of teachers and first responders. Education will be a theme in Obama’s address, and he will also propose as part of his infrastructure program money for school construction.

Lest we forget, just a year ago there was a $26 billion ‘second stimulus’ to prevent teacher layoffs. Very little of that money ended up being used to prevent layoffs or to rehire teachers. Reportedly, most of it went into the teachers’ pension funds.

Besides, why do we need so many teachers and schools, anyway? Who can afford to have kids?

Some of the infrastructure spending would go toward roads, bridges and other surface transportation projects

The only infrastructure Mr. Obama intends to rebuild is the infrastructure of the Democrat Party.

Since World War II, no U.S. president has won re-election with a jobless rate above 6 percent, with the exception of Ronald Reagan, who faced 7.2 percent unemployment on Election Day in 1984. The jobless rate under Reagan had come down more than 3 percentage points during the prior two years.

Wow. Mr. Hunt has come up with the scariest most encouraging number we have heard yet.

The odds of Mr. Obama driving unemployment down to below 6 percent are just about nil.

This article was posted by Steve on Wednesday, September 7th, 2011. Comments are currently closed.

5 Responses to “Obama Plan ‘Follows Contours’ Of Stimulus”

  1. proreason says:

    The pain won’t stop until the knife is pulled out of our back.

  2. JohnMG says:

    …..”Almost half the stimulus would come from tax cuts, which include an extension of a two-percentage-point reduction in the payroll tax paid by workers…..”

    This might generate some revenues………..if anyone had a job! These jack-wagons don’t seem to realize that people have to have a paycheck in order to realize a benefit from this tactic. It’s sort of like novocaine………..it doesn’t KILL pain, it just postpones it.

  3. beautyofreason says:

    Government doesn’t create wealth, but it sure knows how to burn it. If they were a business, they would be shuttered and foreclosed. The invisible hand of the market would have squashed ’em and parceled their property out to more enterprising people.

    I have a difficult time comprehending the liberals who regard Obama as intelligent. He can mime language and craft a decent sentence, but he doesn’t appear to comprehend what he is saying (unless he is lying) or to learn from enormous errors (unless he is fine deliberately wrecking the economy). So he is either an idealistic idiot or a liar content to please his base at any cost. The man can switch his speech for a football match but he can’t put the breaks on a car swerving toward a proverbial brick wall.

    As for his Nobel Peace Prize, can you name one stable society where the peasants are content with creeping inflation, joblessness, and rising food costs?

  4. sticks says:

    We heard all this garbage before, this is just Obamanomics part two, the first part did such a good job. I’m sure the American people are just dying to reelect Obama so he can finish his work. By the way I heard Rush say that Ford announced a plan to build a large plant in India, Obama’s jobs plan at work.

  5. GetBackJack says:

    Hard as I try, I just can’t seem to pull myself out of debt by doubling down for even more debt.

    How come all the experts say that strategy works?

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