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.