Obama Unveils $450 Billion Jobs Plan

From the AP - first, bait the GOP with a tax cut:

…The newest and boldest element of Obama’s plan would slash the Social Security payroll tax both for tens of millions of workers and for employers, too. For individuals, that tax has been shaved from 6.2 percent to 4.2 percent for this year but is to go back up again without action by Congress. Obama wants to keep it and deepen the cut to 3.1 percent for workers…

Then get on to Porkulus II – from Hot Air:

…According to CBS, more than $100 billion will go towards infrastructure and a similar amount will be comprised of money to states to hire more teachers and first-responders and tax breaks for small businesses…

Don’t get me wrong, I like teachers – but how are teachers going to get us out of a recession?  What Obama is really doing here is shoveling more money at government-union enterprises to keep employment up in those areas, thus assuring a large and steady stream of union donations to Obama’s re-election effort.  As for the infrastructure stuff…first off, didn’t we already spend hundreds of billions on that?  Secondly, did thos hundreds of billions actually create jobs?

And all this will lead to a campaign meme:  “I offered them a middle class tax cut, but those obstructionist GOPers in Congress were more interested in tax cuts for millionaires and billionaires.  Let me be clear, I know that we have much to do and things are hard…but I need more time to get our do-nothing Congress motivated to work for the people”.

Its nothing but a campaign speech.  Obama knows that no policy he can use would help the economy, so now he’s just setting a blame-shifting stage and hoping we all sorta forget he’s been President since 2009.

UPDATE:  Bank of America may lay off 40,000 workers.

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55 thoughts on “Obama Unveils $450 Billion Jobs Plan

  1. thomasg0102

    great speech Mr. President. Let’s see the GOP turn down a middle class tax cut extension

    This guy will win reelection in a cakewalk.

    1. Mark Edward Noonan Post author

      thomas,

      Oh, we’ll go along with the payroll tax cut…for us, it is always better if people are taxed less; the porkulus parts of it, though, are non-starters…won’t get past the House.

      1. js

        ss cut isnt about the US GOVT…its bullshxt…the govt is still taking in and spending above and beyond anything ss has…

        and…ss is NOT really a part of the federal budget…except for that little 7tn dollars they took from it…(part of the national debt)

        makes sense for thieves to try to integrate SS with the federal budget so folks will forget that SS doesnt belong to the federal budget…only problem is…ss is a trust fund…its being robbed blind for liberal games…the trillions the treasury “borrowed” from the trust fund is earning nothing…free money for liberal and corrupt politicians to blow…

        thats why ss is in the pits…and the integrity of those responsible is why american is on the downslide…payroll tax cuts of SS funds…isnt a tax cut…its a socialist move to further damage our nation…while they piss away another 450 bn tax dollars on thier buddies

    2. Majordomo Pain

      Thomas We agree. With unemployment below 8% and falling in one year there will be nothing a GOP candidate can do except play to the fears of the extreme right. There are not enough of “them” to elect a President and moderates freshly back to work will not wish to hand Romney/Perry/Bachmann the keys to their civil rights with the backing of a TEA Party infected Congress.

      The midterm election of 2014 will be the end of the GOP as the TEA Party fighting a President with no election on the horizon presides over a growing economy with unemployment below 6% breaks away to become a “pure conservative” third party beholden only to their ideology.

    3. tiredoflibbs

      tommy-boy flails with the rest of the drones: “Great speech….This guy will win reelection in a cakewalk.”

      Too bad those that matter and actually create jobs do not reflect on your pathetic prediction.

      http://www.nytimes.com/2011/09/10/business/daily-stock-market-activity.html?_r=1

      As predicted, we are getting Stimulus II – tax cuts (where they will do the least good) and more spending. What happened to the $800 billion in the first plan that went towards “infrastructure”?

      Oh that’s right…. It went to programs that studied the mating habits of insects, studies of penis sizes, drug use studies and other such wasteful BS (those projects that “were not as shovel ready as I (the president) had hoped”) – These are the reasons the TEA Party was formed and not because the pResident is black.

      This is the “jobs plan” we were waiting for till after his vacation? Oh wait….

      This is the “jobs summary” we were waiting for till after his vacation? Oh wait….

      This is the list of “reasonable ideas” were waited for till after his vacation!!!

      It couldn’t take that many weeks to think up liberal crap that has been tried before and failed. This man is incompetent and stuck in an old and failed ideology.

      But drones like tommy-boy and the echo-chamber forkers will believe otherwise.

      1. js

        saying tax cut is sly….they are reducing the ss tax…FICA is not the same as a tax…taxes are federal funds…so the federal government isnt reducing anything but the FICA contribution…

        SS is going down fast…they took 500bn out of the trust fund for obummercare…the federal government owes the trust fund 7Tn on top of that…reducing the contributions…the monthly payment to SS…is only going to damage SS even more…

        while the Govt doesnt give up a dime…they keep spending…and spending…and spending…and spending…and spending…and spending…and spending…and spending…and spending

        sooner or later…we will be in the same boat as Greece…just do what the libtards ask…its inevitable

      1. Majordomo Pain

        Could you off Us some proof that this man vetted by the corporate and political elite is anything other than the American son of an American single mom? Name a single “marxist” initiative he has suggested. Show US where the Constitution says the President cannot be a Muslim. You Neocon are the typical sort of uninformed American that make conservatives look stupid and cause Liberals to believe that your party is nothing more than a racially monochromatic groupd of aging angry dolts that would prefer an idiot in the White House and see America destroyed as long as you are able to pass laws imposing your religious beliefs on those who do not share them.

        Liberals are not dupes Neocon, time has passed you and your kind by.

      2. js

        soons you prove he was properly vetted…seems like your putting your arse in front of your brain…as usual pain

  2. casper

    ” …According to CBS, more than $100 billion will go towards infrastructure and a similar amount will be comprised of money to states to hire more teachers and first-responders and tax breaks for small businesses…

    Don’t get me wrong, I like teachers – but how are teachers going to get us out of a recession?”

    No you don’t. Like teachers that is. And while teachers and first-responders aren’t going to get us out of the recession by themselves, they do put most of their money back into the economy.

    “Secondly, did thos hundreds of billions actually create jobs?”

    Some people think so.

    “As we have written before, the nonpartisan Congressional Budget Office released a report in August that said the stimulus bill has “[l]owered the unemployment rate by between 0.7 percentage points and 1.8 percentage points” and “[i]ncreased the number of people employed by between 1.4 million and 3.3 million.”

    Simply put, more people would be unemployed if not for the stimulus bill. The exact number of jobs created and saved is difficult to estimate, but nonpartisan economists say there’s no doubt that the number is positive.”

    http://www.factcheck.org/2010/09/did-the-stimulus-create-jobs/

    1. Mark Edward Noonan Post author

      Casper,

      Anything which is “between 1.4 million and 3.3 million” is a guess…something which is not quantifiable and thus likely the result of some Keynesian theory which says “if you spend this much, that many jobs will be created”. In other words, BS…14 million are out of work and the real unemployment rate is better than 16%.

      As for teachers and first responders…that is not the crisis we’re suffering right now…we’re suffering from a massive lack of wealth creation, and all the teachers and fire fighters in the world won’t fix that. Might be a grand thing to spend money on…but it isn’t what we should be spending money on, today.

      1. casper

        Mark,
        I’m guessing that without the stimulus the real unemployment rate would probably be closer to 25% now. And nobody said that teachers and first responders would fix the problem, but in the long run, cutting either isn’t going to help.

      2. Mark Edward Noonan Post author

        Casper,

        When have I ever advocated cutting the number of teachers and first responders? All Obama is doing by throwing that out there is suckering people in to going along with extra spending which is not necessary to resolve our actual trouble…you’re just going, “awww, Barry wants to help teachers and firefighters; isn’t that great?” without thinking it through. We need jobs – jobs can only come from wealth creation; wealth creation can only come when private enterprise feels confident about making long-term investments…and that takes tax reform and regulatory relief. That is what Obama’s speech should have been about – not things like hiring more teachers or extending payroll tax cuts (which, by the way, will confront us with an un-reformed SS going broke even faster than before).

        We need real leadership in DC in order to clear the decks and allow the economy to grow…but we’ve got Obama with his Porkulus II.

    2. js

      infrastructure is a code word for contracts that benefit unions…it doesnt create jobs…not for the unemployed…it gives unions crazy money…and garners political contributions for crooks

      1. js

        doling out more money to teachers is another code word for union money…

        they are not creating jobs for the unemployed…they are simply shoving cash into union sectors because thats where the contributors want them to shove cash at…

        what about the rest of america…middle city youths running rampant cause they dont have jobs…flash mobs robbing stores…its not all kids…obama belongs in prison along with half of congress, if not more…they have committed fraud upon the people of the United States…they have conspired with unions and lied through thier teeth to defraud the public and our country…and robbed the treasury…

      2. neocon1

        js

        why do you think the unions have come out of no where swinging for the POS?

        MONEY for NOTHING drugs for Freeeeeeee

      3. Majordomo Pain

        Are you saying js that the American infrastructure is not in need of improvement? In many East Coast cities the foundations of water and roads are more than 50 years old. Renewing these roads and water systems will create jobs for those who have construction skills one of the hardest hit sectors in the past Recession. It is time to put politics aside as President Obama has said and solve the problem of high unemployment among the middle and working class.

      4. Cluster

        Major,

        I think it’s a novel idea, and one that the $800 billion, 2009 stimulus was suppose to address. Where is that money??

      5. js

        quit blowing smoke up our pants leg pain…they said the stimulus fixed the infrastructure…didnt you get the news…

        infrastructure is code for union involvement…unions really are no creating new jobs…its a lie…same as teachers…no productivity…fixing bridges and sitting in a class room dont make, mine, or manufacture SQUAT…no profit to maintain employee base…

        ITS BULLSHYT…wake up stooge

  3. casper

    Mark Edward Noonan September 8, 2011 at 10:35 pm #

    Casper,

    “When have I ever advocated cutting the number of teachers and first responders?”

    I didn’t say you had, only that you don’t like teachers which you have made very clear over the last couple of years. Besides, this isn’t about cutting teachers and first responders, it’s about adding them.

    All Obama is doing by throwing that out there is suckering people in to going along with extra spending which is not necessary to resolve our actual trouble…you’re just going, “awww, Barry wants to help teachers and firefighters; isn’t that great?” without thinking it through. We need jobs – jobs can only come from wealth creation;

    BS. Teaching and firefighting jobs are jobs. They employ real people.

    “wealth creation can only come when private enterprise feels confident about making long-term investments…and that takes tax reform and regulatory relief.”

    More BS. Jobs come from a demand of services. When I managed a store I didn’t hire people because of tax breaks or confidence, I hired people because I needed more people on the floor to take care of the customers.

    1. Mark Edward Noonan Post author

      Casper,

      Sorry, but that is just not the way things are going…companies are making do with smaller workforces and using expedients such as temp workers (which is what the corporation I work for is doing…our peak time is the holiday season and we’re hiring temps who will all be let go in January). They’ll add a little over time, they flip and twist and figure it out…they won’t hire new people because the tax system is screwed up and Obama’s regulators are running wild with new regulations. You can hire a million teachers and you’ll have a million more people working…but that still won’t do anything to help the overall economy. Teachers don’t create wealth, period. We need people who make, mine and grow things to become willing to make, mine and grow more things than they are doing today and they simply will not do it until our tax and regulatory systems are reformed.

      1. Majordomo Pain

        Companies are doing those things because they can make higher profits while cutting the benefits they pay via force reduction. Look at the numbers of hours worked by those with jobs and you will see the trend is going up. Corporations, if they would hire could solve the problem on their own but clearly they need prodding from the government to get off some of the trillions in cash they are sitting on.
        To quote Carlton Pryor,
        “More Americans working means more Americans consuming which increases demand giving companies the freedom to hire. This is the way economic growth will increase over the coming decade in America. The problem is a few major companies will have to buck the stagnation and the chief motivator to do that will be the President’s new jobs plan.”

  4. casper

    Mark,
    “They’ll add a little over time, they flip and twist and figure it out…they won’t hire new people because the tax system is screwed up and Obama’s regulators are running with new regulations.”

    Really? Prove it. But of of course you can’t.

    “Teachers don’t create wealth, period.”

    Create it no. Teaching students how to attain it yes. I’ve spent some time over the last couple of days explaining to students how they can become successful in our system (planning, hard work, education). Giving students the skills they need to make, mine and grow more things is part of what has made this country what it is.

    1. js

      are you really that stupid casper…or did you take a serious blow to the head when you were young…if you can explain exactly how teachers make mine or manufacture anything…go for it…but dont expect us to fall for your stoogebait line about…future earnings of…6 year old kids…get real…those are the people that will pissed off at idiot teachers and the unions they belong to becuase of the TRILLIONS IN DEBT that the allowed this nation to be buried under…

      til’ ya get yur head outta your arse, in other words…nothing but BS is commin outta yur mouth

    2. dbschmidt

      To date there are over 2,400 new regulations in this administration alone and I guess we should all be happy that in another 12 – 16 years that all of them children will join the workforce or graduate college and become productive citizens

      1. dbschmidt

        Even though it will be moderated and take a wee bit longer to make it through the pipe–I have included the original article (okay, I was wrong–they are in the pipeline) but I was also wrong with 2,400 — it is 4,200 (I do that with numbers some times) and threw in a bonus of a list of Obama tax hikes.

        “And much more is on the way. The Federal Register notes that more than 4,200 regulations are in the pipeline. That doesn’t count impending clean air rules from the EPA, new derivative rules, or the FCC’s net neutrality rule. Nor does that include recently announced fuel economy mandates or eventual ObamaCare and Dodd-Frank regulations.”
        http://geoffdavis.house.gov/REINS/News/DocumentSingle.aspx?DocumentID=256643

        “The government admits there are 4200 new rules or revisions already in the pipeline.”

        Bonus material for waiting on moderation;
        http://www.atr.org/comprehensive-list-obama-tax-hikes-a6433

    3. doug

      Maybe they can hire more teachers, with a caveat: All the money will be distributed equally on a per student basis to any public school who can certify that their teachers will be non-union for the next five years. I’m guessing they can do this since they are able to do it the other way around.

    4. Majordomo Pain

      Teachers are consumers in a consumer economy. Once Americans realize that a house is not a bank and adjust to the new normal [ an average of 6.5% unemployment] which warrants that many who lost homes can live comfortably renting with a job the country We feel will achieve 5% growth again.

      1. Cluster

        Major,

        Who is this “We” you speak of? Are you part of a group think collective? And do you think that is healthy?

  5. Leonard L'Farte

    As a recently unemployed person, my ears perked up when he said something about extending unemployment benefits for a year. I figure if I work this right, I should be able to retire from unemployment. Anyone have any idea what kind of pension and benefits I’m looking at?

  6. doug

    The house should immediately pass a bill that includes all of Obama’s tax cuts and none of the spending, then tell the American people that they will use the savings on not increasing the spending to pay down the debt….Yes sir, President, we agree with cutting taxes so we will pass that for you, the rest, no thanks, we still think this debt is too large.

  7. Cluster

    I wonder if Casper could tell us who will continue to pay those teachers and first responders after the stimulus II money runs out.

      1. Cluster

        Did anyone hear that he also proposed to extend unemployment benefits for another year!!!

        The thing is that when these teachers and first responders are hired under this new plan, and once that money runs out, the tax payers of the state are then on the hook for those salaries. So it is in effect, a delayed tax increase proposal to “keep our teachers working”

  8. RetiredSpook

    It’s not often that you find a 19 second video that gives you a twofer: illustrating both the complete and utter stupidity of Joe Biden and just how long this crew has been talking about creating jobs.

    1. Cluster

      The lecture yesterday by Professor Obama reminded me of the 2009 stimulus that we had to pass immediately or the world will end, or Obamacare where Pelosi told us to pass it to find out what’s in it. If there is such urgency, why did the President take a vacation, and then wait another week and a half, before unveiling this magic plan?

      I say let’s pass it. It wont do anything but add another half a trillion to the debt and at this point, if that’s what it costs to get this idiot out of the white house, then so be it.

  9. Count d'Haricots

    Sorry I’m late to the party.
    First, Casper, I like you ~but your intense ignorance I don’t believe is curable. Teachers and first responders “do put most of their money back into the economy” is singularly stupid; we’re talking about additional money that was taken out of the economy. How is taking it out and putting it back advantageous? Doesn’t that have the same effect as standing in a a bucket and trying to lift yourself by the handle?

    Next, I’d like the “tax breaks for the rich” crowd to please explain to me how giving massive payroll tax breaks to “corporations” at a time when they are sitting on capital fungible assets is a “stimulus”? Even Geithner has admitted that the larger companies will merely add these assets to their account and hire no one. Geithner explained last night that you cannot target payroll tax breaks to small business but that they (small business) are the intended target. How is this different from giving an across the board tax rate reduction that benefits “the rich” more than the middle class?

    Government can’t “prod” private industry into hiring, except in a communist or socialist society. This is why the government prod idea is so popular with the libiots here. And the idiotic idea that government can cause “corporations” to “get off some of the trillions in cash they are sitting on” requires a leap from privately held industry to a system where government controls the means of production and distribution.

    Keynesianism has never worked, ever.

    The two most absurd statements in this debate are “it would have been worse” and “we didn’t spend enough”. The “Fact Check” website plays the estimation by proxy game. By stating that Porkulus Bill “ “[l]owered the unemployment rate by between 0.7 percentage points and 1.8 percentage points” and “[i]ncreased the number of people employed by between 1.4 million and 3.3 million” with “more people would be unemployed if not for the stimulus bill” is convoluted at best. The CBO clearly stated in the report that employment is estimated based on the dollars spent, not by any quantifiable means!

    During the second quarter of 2010, recipients reported,
    ARRA funded almost 750,000 full-time-equivalent (FTE) jobs. Those reports, however, do not provide a comprehensive estimate of the law’s impact on U.S. employment, which could be higher or lower than the number of FTE jobs reported,
    And, stating that spending more would hav gotten different results is consistent with the time-honored definition of insanity. If there had been some small quantifiable positive results from flushing a trillion dollars down the Union Rat hole there might be something to this argument; but there have been no positive results and the situation is clearly worse.

    Regarding that campaign speech; there was nothing there that would “create” one single job; even Geithner has stated as much.

    1. js

      uh…sorry…but you are seriously wrong…casperstooge can be cured…but first you have to pry his head outta his beehind…and convince him that he is better off that way…

      good luck

  10. Sunny

    Apparently Count, Mark, JS, Tired, Spook and Cluster are so very very intelligent and knowledgable about economics that I do not understand why economist around the world are not knocking on their doors to get their solutions as to how this economy can be fixed. I am sure they all have advanced degrees in economics and all are filthy rich because they all seem to have all of the answers. Please guys – give the WH a call and let them know you can fix this economy and that the President is not confering with the right experts. Everyone is so tired of this economy and all of your help is needed – right now. Not only our President, but leaders around the world need you to step up to the plate and give guidance and counsel as to how the world economy can be fixed. If only they had known about all of you on this one blog you could have saved the US economy when George Bush was calling for TARP – because I am sure he made the wrong decision.

    Since all of you are so smart and so rich and so well versed in how to save the economy I know you have the time and resources to give assistance. We need more intellects like you guys to provide input, as all of us know how much you love this country and would NEVER put politics before country. Please, serve you country by sharing your wealth of knowledge to the leaders of this country and other free nations of this world.

    P.S. could you also solve all of the other troublesome problems we are dealing with daily? High gas prices, high food prices, solving the wars we are involved in – and any other you think can help “take our country back”? True patroits would rollup their sleeves and be part of the solutions and not part of the problems and put aside party affiliation to do so.

    Neo – you are not included in this call to help our nation. It is no secrect you are an idiot.

      1. Majordomo Pain

        Js, no one said the stimulus plan was going to fix all of American infrastructure problems. This was an investment in a start to fixing a multitrillion dollar problem.

      2. js

        simply minded and simply wrong painstooge…

        you just dont get it…must be that reprobate mind you are stuck on…aka…mental midgetry…

      3. Amazona

        This is pretty much vintage Velma. Snarling, sniping, insulting, and yapping a bunch of hate-based nonsense without a lick of sense in any of it.

        Ooops…shouldn’t use the word “lick”—it might set her off on her pleading for me to bite her. Eeeuuuwwwww!

        What the poor dumb cow simply cannot fathom is that Mark, js, Spook, Cluster, etc. are repeating what respected and successful economists ARE saying, and what’s more, are asking for a return to the policies that HAVE led us to greater economic prosperity.

        Velma/Sunny wants us to move backwards, to the always-failed policies of the Left. Does she do this because of an intellectual allegiance to Leftism? Hardly. She is as ignorant of the true policies and history of the Left as she is of everything else. No, she squirts this noxious nonsense because the Left has tapped into her need to hate. They have fed her sourness, her bitterness, her hostility, her pathology, till she regurgitates the Leftist cant she has accepted because it reflects all that she really is.

        It has nothing to do with a belief in Leftist economic policies. It is all about her nastiness and need to hate.

        The FACT is that when this nation was governed according to its own Constitution, and the federal government played a very small and restricted role, as demanded by the Constitution, the United States of America was the most stunningly free and prosperous nation in the history of the world. The FACT is that only when the country began to be weakened by the growing influence and power of the Left did it start to founder, and founder it does,more so every day.

        And what do the mental midgets like V/S demand? Why, that we do MORE of what has made the mess in the first place! And she squeals about a desire to return to the successful policies and abandon the failures. Yep, vintage Velma, all right.

      4. Amazona

        Majorlydummy. the “stimulus” plan was not an INVESTMENT, it was the redistribution of wealth, of Other People’s Money, to further radical Leftist ideals.

        Whatever infrastructure was actually improved with “stimulus” money, whatever managed to filter down through the many layers of sticky fingers through which it had to pass, would have and could have been done faster, better, and more cheaply than it was.

        How about an audit of this “stimulus” to find out where that money went? If you are going to insist it was beneficial, let’s just find out what was spent, where, and how, to see how much benefit there was. And if it was worth dumping unsustainable debt upon future generations.

        The only possible benefit I can see to the “stimulus” is its contribution to opening the eyes of Americans to the corruption and insanity of the Left.

    1. js

      its not that hard to get ahold of sunnystooge…unless you are a mental midget…hundreds of billions of dollars have already been pumped into both infrastructure AND the education routine…ITS ALREADY FAILED…doing the same thing…pumping CASH…TAX DOLLARS…into UNION DOMINATED causes…is NOT going to put people to work…

      it might make sense if you have you head up your arse though…like painstooge…ill bet ya do, huh

    2. tiredoflibbs

      “Please guys – give the WH a call and let them know you can fix this economy”

      Sorry dreggs, the pResident is too arrogant and set in his ideology to do what is necessary or take advice from those outside of his little circle of like minded ideologues.

      There is no “expert” required to point out that since the first stimulus was a failure that the second one will be different. obAMATEUR is not presenting anything new (well except putting it in the latest lingo) just the same tired old policies of liberals past that were failures too.

      “P.S. could you also solve all of the other troublesome problems we are dealing with daily?”

      Lessons in history should be solution enough – but those who don’t learn from it are desperate to repeat them.

      “True patroits would rollup their sleeves and be part of the solutions and not part of the problems and put aside party affiliation to do so.”

      Ahhh, if your pResident would only take your advice! The last debt reduction debate should have been your first clue that this pResident puts party affiliation before the good of the country. After being SPECIFICALLY told that SPENDING CUTS would go more towards reducing the risk of downgrading our credit rating, obAMATEUR could not bring himself (nor his fellow looters) to agree to REAL spending cuts and not simple reductions of baseline budget increases.

      Really dreggs, if you are going to regurgitate dumbed down talking points at least try to disguise them. At least obAMATEUR disguised his words – investments for spending, increased revenues for tax increases, etc. etc.

  11. bozo

    Bank of America needs to go bankrupt after paying back all the billions it stole from now-taxpayer-owned AIG.

    1. Cavalor Epthith, Esquire, D.S.V.J

      Very well done Bozo. Reagan was in a desperate pickle in his third year with unemployment still over 10% which was likely since the conservatives do not believe the DOL numbers more like 18% in real terms. By the month prior to the lection the rate of unemployment was down to 7.4% and it was “Morning in America.”

      He who fails to learn from history . . .

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