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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Fury on September 06, 2011, 05:01:32 PM
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Obama to propose $300 billion to jump-start jobs
By DAVID ESPO, Associated Press – 1 hour ago
WASHINGTON (AP) — The economy weak and the public seething, President Barack Obama is expected to propose $300 billion in tax cuts and federal spending Thursday night to get Americans working again. Republicans offered Tuesday to compromise with him on jobs — but also assailed his plans in advance of his prime-time speech.
In effect, Obama will be hitting cleanup on a shortened holiday week, with Republican White House contender Mitt Romney releasing his jobs proposals on Tuesday and front-running Texas Gov. Rick Perry hoping to join his presidential rivals Wednesday evening on a nationally televised debate stage for the first time.
Lawmakers began returning to the Capitol to tackle legislation on jobs and federal deficits in an unforgiving political season spiced by the 2012 presidential campaign.
Adding to the mix: A bipartisan congressional committee is slated to hold its first public meeting on Thursday as it embarks on a quest for deficit cuts of $1.2 trillion or more over a decade. If there is no agreement, automatic spending cuts will take effect, a prospect that lawmakers in both parties have said they would like to avoid.
According to people familiar with the White House deliberations, two of the biggest measures in the president's proposals for 2012 are expected to be a one-year extension of a payroll tax cut for workers and an extension of expiring jobless benefits. Together those two would total about $170 billion.
The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could still be subject to change.
The White House is also considering a tax credit for businesses that hire the unemployed. That could cost about $30 billion. Obama has also called for public works projects, such as school construction. Advocates of that plan have called for spending of $50 billion, but the White House proposal is expected to be smaller.
Obama also is expected to continue for one year a tax break for businesses that allows them to deduct the full value of new equipment. The president and Congress negotiated that provision into law for 2011 last December.
Though Obama has said he intends to propose long-term deficit reduction measures to cover the up-front costs of his jobs plan, White House spokesman Jay Carney said Obama would not lay out a wholesale deficit reduction plan in his speech.
In a letter to Obama on Tuesday, House Speaker John Boehner and Majority Leader Eric Cantor outlined possible areas for compromise on jobs legislation. Separately, Senate Majority Leader Harry Reid said last month's unemployment report — it showed a painfully persistent 9.1 percent jobless rate and no net gain of jobs — "should be a wakeup call to every member of Congress."
Whatever the potential for eventual compromise on the issue at the top of the public's agenda, the finger pointing was already under way.
Senate Republican leader Mitch McConnell predicted Obama's Thursday night speech to Congress on jobs legislation would include "more of the same failed approach that's only made things worse over the past few years."
He spoke a few moments after Reid had said that Republicans, rather than working with Democrats to create job-creating legislation, insist on "reckless cuts to hurt our economic recovery."
The Senate returned to Capitol Hill on Tuesday after an August recess. The House comes back Wednesday.
Left largely ignored in the latest political remarks was a remarkable run of late-summer polls that show the country souring on Obama's performance — and on Congress' even more.
A Washington Post-ABC survey released Monday found that 60 percent of those polled expressed disapproval of Obama's handling of the economy. Thirty-four percent said his proposals were making the situation worse and 47 percent said they were having no effect — dismal soundings for a president headed into a re-election campaign.
Only 19 percent said the country was moving in the right direction.
Not that Republicans, or Congress as a whole, are in good odor with the voters.
The Post-ABC News poll found only 28 percent approval for the job the Republicans are doing, and 68 percent disapproval.
An AP-GfK survey last month put overall support for Congress at 12 percent — the lowest level ever in the survey's history.
The tea party has also been hurt, according to the same poll, which found that 32 percent of those surveyed have a deeply unfavorable impression of the movement that helped give Republicans control of the House in the 2010 elections.
In their letter to Obama, Boehner and Cantor wrote that neither party would win all it wants from the coming debate over jobs legislation. "We should not approach this as an all-or-nothing situation," they said, striking a conciliatory tone in the first moments of a post-summer session of Congress.
But it was unclear what, if any, concessions they were prepared to make.
"We are not opposed to initiatives to repair and improve infrastructure," they wrote, saying they favor repeal of a current requirement for 10 percent of highway funds to be spent on items such as museums or bike trails.
But they did not say they would support any additional funding for construction, and aides declined to provide any additional details.
Boehner and Cantor also said the House was ready to pass free trade agreements negotiated with Colombia, Panama and South Korea measures, which they noted the White House estimates would create 250,000 jobs.
The administration wants the trade deals approved simultaneously with legislation to provide job training and other benefits for workers who lose their job to imports, and the letter from the Republican leaders promised they would consider such measures rather than pledging to pass them.
There was maneuvering on another front during the day.
Democrats won approval in a Senate subcommittee for legislation adding $6 billion in spending to pay victims of Hurricane Irene and past disasters dating to Hurricane Katrina, including $4 billion for the 2012 budget year.
Republicans did not object, even though the legislation did not include other cuts to offset the cost and the new spending would exceed levels permitted in a sweeping compromise passed last month to cut future deficits by nearly $1 trillion over a decade.
It is unclear when the measure will come to the Senate floor, and whether Republicans will attempt to offset the increase when it does.
In comments in recent weeks, Cantor has said any increase must be offset.
For his part, Romney chose Nevada, where unemployment stood at a nationwide high of 12.9 percent in July, for a campaign speech in which he outlined numerous proposals to create jobs.
He called for lowering the maximum corporate tax from 35 percent to 25 percent and abolishing the tax on dividends and investment earnings for anyone making less than $200,000 a year. He also said any new government regulation that raises costs for businesses should be accompanied by other steps to reduce the burden by an identical amount.
"America should be a job machine, jobs being created all the time," he said.
The elements Romney outlined — lower taxes and less regulation — are the same as those advanced by Republicans in Congress.
McConnell said Republicans "will spend the next weeks and months arguing in favor of a robust legislation agenda aimed at blocking or repealing some of the most pernicious rules and regulations."
http://www.google.com/hostednews/ap/article/ALeqM5h2GOortv6KFySsOs34cVSVX10fbg?docId=761fdb7ac72342c8aa0e374b0edef412
Because the first stimulus worked so well. Yawn. Nothing to see here with this lame duck. He's completely incapable of changing course.
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He wants to spend more money? Who knew? ::)
Some things we are sure to hear from his speech:
- "Fair share"
- "millionaires and billionaires"
- the "wealthiest Americans"
- "shared sacrifice"
- "corporate jets"
- "avoided a great depression"
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"Jump start jobs"?
This is going to jump start nothing. More stupid crap that a bunch of "academics" (who have ZERO real world experience) came up with...and by "came up with" I mean tired ideas that
may or may not have worked at one time or another, that are being recycled again.
This will most likely give a minute artificial "boost" to GDP for a quarter or 2 and then it will be back to normal. We will be left with zero long term organic gains, more debt, more bullshit and more media spin to cover up another failure.
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I'd like to hear him give specifics and then answer questions from the press.
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I'd like to hear him give specifics and then answer questions from the press.
Again, don't hold your breath.
"country before party"
"millionaires, billionaires and oil companies"
"hard working folks"
"the economy is growing, just not fast enough!"
"We've added *insert any number here* since 2008!"
"It's all Bushes fault"
It's all the Republicans fault"
"Hedge fund managers"
"Warren Buffet!"
"corporate jet owners!"
"and, uh, uh, some of these folks who do really well, uh, can afford to, uh, pay a bit more"
"Laser focus on jobs"
"jobs,jobs,jobs,"
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More of the same failed bs.
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Again, don't hold your breath.
"country before party"
"millionaires, billionaires and oil companies"
"hard working folks"
"the economy is growing, just not fast enough!"
"We've added *insert any number here* since 2008!"
"It's all Bushes fault"
It's all the Republicans fault"
"Hedge fund managers"
"Warren Buffet!"
"corporate jet owners!"
"and, uh, uh, some of these folks who do really well, uh, can afford to, uh, pay a bit more"
"Laser focus on jobs"
"jobs,jobs,jobs,"
Truth. I don't think I can stomach the speech. I'll have to just read the transcript.
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Actually, lets do a "Pre-List" of Obama's favorite partisan, cliche, class warfare, liberal hack phrases and see how many he actually uses in his
campaign jobs speech.
Feel free to add!
"country before party"
"millionaires, billionaires and oil companies"
"hard working folks"
"the economy is growing, just not fast enough!"
"We've added *insert any number here* since 2008!"
"It's all Bushes fault"
It's all the Republicans fault"
"Hedge fund managers"
"Warren Buffet!"
"corporate jet owners!"
"and, uh, uh, some of these folks who do really well, uh, can afford to, uh, pay a bit more"
"Laser focus on jobs"
"jobs,jobs,jobs,"
"Fair share"
"millionaires and billionaires"
the "wealthiest Americans"
"shared sacrifice"
"corporate jets"
"avoided a great depression"
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A man of action. Who isn't a fan of that?
i'd like to do a drinking game with your list, Gigantor!
"country before party"
"millionaires, billionaires and oil companies"
"hard working folks"
"the economy is growing, just not fast enough!"
"We've added *insert any number here* since 2008!"
"It's all Bushes fault"
It's all the Republicans fault"
"Hedge fund managers"
"Warren Buffet!"
"corporate jet owners!"
"and, uh, uh, some of these folks who do really well, uh, can afford to, uh, pay a bit more"
"Laser focus on jobs"
"jobs,jobs,jobs,"
"Fair share"
"millionaires and billionaires"
the "wealthiest Americans"
"shared sacrifice"
"corporate jets"
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Obama is like a black plague on the economy.
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Actually, lets do a "Pre-List" of Obama's favorite partisan, cliche, class warfare, liberal hack phrases and see how many he actually uses in his campaign jobs speech.
Feel free to add!
"country before party"
"millionaires, billionaires and oil companies"
"hard working folks"
"the economy is growing, just not fast enough!"
"We've added *insert any number here* since 2008!"
"It's all Bushes fault"
It's all the Republicans fault"
"Hedge fund managers"
"Warren Buffet!"
"corporate jet owners!"
"and, uh, uh, some of these folks who do really well, uh, can afford to, uh, pay a bit more"
"Laser focus on jobs"
"jobs,jobs,jobs,"
"Fair share"
"millionaires and billionaires"
the "wealthiest Americans"
"shared sacrifice"
"corporate jets"
"avoided a great depression"
"I've done this"
"I've done that"
"Republicans refuse to compromise"
"Republicans are blocking"
"Here's the facts"
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Let me be clear.
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Guessing he will probably throw in a Republican quote too - Reagan maybe.
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Guessing he will probably throw in a Republican quote too - Reagan maybe.
I'll bet he throws in that pathetic attempt to sound empathetic too by changing his voice.
This is all so rehearsed and bogus.
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"We inherited . . . " (Translation: Bush's fault.)
"We underestimated . . . ." (Translation: We're incompetent.)
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GOP senator says Obama joint address won't leave much to respond to (GOP won't waste their time)
The Hill ^ | 09/07/11 | Daniel Strauss
Posted on September 7, 2011 11:22:08 AM EDT by markomalley
There (sic) decision not to feature a singular response to President Obama's speech on job creation on Thursday shows that Republicans don't expect there to be much to respond to, Sen. Roy Blunt (R-Mo.) said Wednesday.
"I suspect what it means is that the Speaker does not expect to hear much to respond to," Sen. Roy Blunt (R-Mo.) said on Fox News. "So far there's no indication that anything extraordinary is going to happen in what should be an extraordinary moment —calling a joint session of Congress to make new economic proposals after you've already been president for two and a half years."
On Tuesday, House Speaker John Boehner's (R-Ohio) office announced that there would be no singular Republican response to Obama's speech in front of a joint session of Congress on Thursday in which Obama plans to unveil new plans for job creation.
"Every Member of Congress, and – more importantly - the American people, will provide a reaction to the president’s address," Boehner spokesman Michael Steel said Tuesday in a statement.
In response, House Minority Leader Nancy Pelosi (D-Calif.) called the GOP's decision not to offer a formal response "disrespectful."
"I think we'll see if the speech deserves a response. My guess is that the Speaker's right," Blunt continued. "There'll be plenty of time on Friday to respond. Let's see what the president says on Thursday night and then believe me, there'll be plenty of time to respond."
Good. Screw him.
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The president should help set policies and regulations for business. Creating jobs is for businesses to do, not the president.
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GOP senator says Obama joint address won't leave much to respond to (GOP won't waste their time)
The Hill ^ | 09/07/11 | Daniel Strauss
Posted on September 7, 2011 11:22:08 AM EDT by markomalley
There (sic) decision not to feature a singular response to President Obama's speech on job creation on Thursday shows that Republicans don't expect there to be much to respond to, Sen. Roy Blunt (R-Mo.) said Wednesday.
"I suspect what it means is that the Speaker does not expect to hear much to respond to," Sen. Roy Blunt (R-Mo.) said on Fox News. "So far there's no indication that anything extraordinary is going to happen in what should be an extraordinary moment —calling a joint session of Congress to make new economic proposals after you've already been president for two and a half years."
On Tuesday, House Speaker John Boehner's (R-Ohio) office announced that there would be no singular Republican response to Obama's speech in front of a joint session of Congress on Thursday in which Obama plans to unveil new plans for job creation.
"Every Member of Congress, and – more importantly - the American people, will provide a reaction to the president’s address," Boehner spokesman Michael Steel said Tuesday in a statement.
In response, House Minority Leader Nancy Pelosi (D-Calif.) called the GOP's decision not to offer a formal response "disrespectful."
"I think we'll see if the speech deserves a response. My guess is that the Speaker's right," Blunt continued. "There'll be plenty of time on Friday to respond. Let's see what the president says on Thursday night and then believe me, there'll be plenty of time to respond."
Good. Screw him.
I agree with him. Would be different if this was a State of the Union Address.
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NBC picks Packers over Obama in Milwaukee
by Conn Carroll Senior Editorial Writer
Follow on Twitter:@conncarroll
www.politico.com
He probably didn't know it at the time, but when President Obama greeted Green Bay Packers quarterback (and California Golden Bears alum) Aaron Rodgers at the White House this August, he was shaking hand with the competition. And not because Obama is a Chicago Bears fan.
The NBC affiliate in Milwaukee, Wisconsin, WTMJ TV announced yesterday they will not be airing Obama's jobs speech at 7 PM EST Thursday night. instead they are opting for their own pre-game coverage of the Packers Saints game scheduled to kick off at 8 PM. Green Bay's NBC affiliate, NBC 26, will also go with the Packers pre-game show over Obama.
Saints fans do not appear to be as devoted to their team. WDSU, the New Orleans NBC affiliate, plans to stick with Obama.
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Columns
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A Layman’s Guide to the President’s Jobs Speech: Caroline Baum
By Caroline Baum Sep 7, 2011 8:00 PM ET 15 Comments Q.
Caroline Baum, a columnist for Bloomberg News since 1998, is the author of "Just What I Said: Bloomberg Economics Columnist Takes on Bonds, Banks, Budgets and Bubbles."
More about Caroline Baum
.Let’s face it: If the president had a plan to create jobs, he wouldn’t have kept it under wraps until now. Why take flak from Republicans and heat from the public if you have what it takes to turn the economy and labor market around?
Barack Obama doesn’t have a plan to create jobs. Nor is that his job. The government’s role is to provide an environment in which the private sector will create them. That should be his goal.
For weeks, the White House has been hyping the president’s speech to a joint session of Congress. I suspect it will be full of pomp and circumstance signifying nothing (with apologies to Will Shakespeare). Obama will offer some warmed-over “stimulus,” including aid to the states, extended unemployment benefits, temporary tax breaks and infrastructure spending; mortgage relief for homeowners; and perhaps regulatory relief for business. The price tag, according to those briefed on the speech: $300 billion.
For those of you who don’t follow the Washington play-by- play, here are some things to watch for this evening to help you determine whether the president is offering more of the same or has discovered an elixir for job growth.
1. A temporary solution, a permanently bad idea
The president is expected to ask Congress to extend the payroll tax holiday for employees beyond Jan. 1 and include employers in the game. Other temporary incentives to encourage hiring are also on the table.
Why would any company respond to a one-time tax credit for adding employees when it has to assume a long-term expense -- salary and benefits -- in the process? Answer: It wouldn’t, unless that company were planning to hire anyway.
Sure, if there’s an incentive with no cost attached people will jump on it. Take a look at a graph of auto sales and home sales to see how consumers responded when Cash for Clunkers and the homebuyers’ tax credit were introduced in 2009.
The two programs pulled demand forward. It collapsed when the programs ended. Both new and existing home sales plumbed new depths after the credit expired.
If Obama’s jobs speech is filled with more temporary measures, you can hit the mute button and take a quick nap before the NFL kickoff.
2. The ghost of George W. Bush
We know it’s Bush’s fault: the housing bubble, the bust, the financial crisis, the recession, the anemic recovery, the trillion-dollar annual deficits, everything. Almost three years into his first term, Obama needs to move on. Unless he accepts responsibility for something, anything, you’ll know that this is just another campaign speech.
The same goes for his chronic finger-pointing at the Republican Party. The Obama-appointed National Commission on Fiscal Responsibility and Reform (aka the Simpson-Bowles Commission) issued a full report in December 2010 with recommendations to reduce the deficit, stabilize the debt and put Social Security on sound footing. The commission proposed spending cuts and real tax reform that would raise revenue by eliminating loopholes and tax breaks: the kind of “balanced” approach Obama now touts.
When the report came out, the president thanked the commission for its effort and filed it in the bottom drawer. If he had any thoughts about a grand bargain on deficit reduction, he kept them to himself until the debt-ceiling debate last month.
If Obama starts pointing fingers this evening, you’ll know he’s going for theatrics. For my money, there’s greater entertainment value in listening to John McEnroe and Mary Carillo chat it up at the U.S. Open tennis tournament.
3. No entitlements, no beef
The White House, in an attempt to lower expectations for tonight’s address after fanning them for three weeks, said Obama would unveil a separate deficit-reduction plan sometime after the jobs speech. No doubt the president wants to avoid being seen as an advocate for spending money to save money.
The problem is, the U.S. keeps spending and spending while the saving is elusive. At some point -- and we are fast approaching it -- repeated short-run attempts to alleviate unemployment will result in bigger long-run problems and higher unemployment via the ballooning debt.
The president has to demonstrate this evening that he’s serious about deficit reduction, even if he plays hide-and-seek with his plan. If he advocates short-term fixes and avoids mentioning the need to reform programs like Medicare and Social Security before they go broke, pour yourself a glass of wine. Maybe you won’t remember what he said in the morning.
4. Banking on infrastructure
No one would deny that the nation’s roads, bridges, transit systems and schools are in bad shape. The American Society of Civil Engineers gave the U.S. a “D” on its 2009 infrastructure report card and estimated that it would take a $2.2 trillion investment over five years to address the state of disrepair.
The concept of an infrastructure bank has been kicking around for a while. It’s an idea whose time has come, is long overdue or is another one of those public-private partnerships that sounds better on paper than in practice.
The problem with infrastructure spending isn’t the policy. It’s the politics and red tape. When asked about the lackluster results of the $830 billion stimulus enacted in 2009, Obama was forced to admit that “shovel-ready was not as shovel-ready as we expected.”
Before you bank on public-works projects absorbing all those unemployed construction workers ahead of the 2012 election, pay attention to what the president says about the permitting process and execution. The devil is always in the details.
5. Class warfare
Although economic growth is a prerequisite for employment, jobs start with employers. It’s axiomatic that if you want businesses to hire, you can’t vilify them.
The same goes for entrepreneurs, those “millionaires and billionaires” Obama loves to dis. It turns out that business startups are the sole source of job creation in the U.S., according to a 2010 study by the Kauffman Foundation in Kansas City, Mo., based on the Census Bureau’s Business Dynamics Statistics.
Obama has yet to grasp this concept. If he continues to portray business as an enemy of the people, he’ll be a hero to the labor unions. But they aren’t about to vote Republican anyway.
Last week, the federal government sued 17 big banks for mortgage fraud: Many of the same banks it rescued with the Troubled Asset Relief Program in 2008. Actions speak louder than words.
Obama isn’t the only one touting an economic plan this week. On Tuesday, Republican presidential candidate Mitt Romney unveiled his 59 points in a 160-page book. The other candidates are sure to follow.
I confess I’m a less-is-more kind of gal. I’d settle for one big idea, as long as it’s a good one.
(Caroline Baum, author of “Just What I Said,” is a Bloomberg View columnist. The opinions expressed are her own.)
To contact the writer of this column: Caroline Baum in New York at cabaum@bloomberg.net.
To contact the editor responsible for this column: Mary Duenwald mduenwald@bloomberg.net
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September 7, 2011 8:17 PM
Obama's jobs plan may top $400 billion
By Norah O'Donnell .
On Wednesday, CBS News learned that the president's jobs and growth package now could top $400 billion. That's a big number, and CBS News correspondent Norah O'Donnell reports that the size of this plan has grown over recent days.
Advisors claim this plan will have bipartisan appeal and will be paid for with additional deficit reduction. President Obama's plan will combine new tax cuts and spending measures.
Also included in the plan is an extension of the payroll-tax cuts set to expire. That's worth $1,000 per household. Its estimated cost is $120 billion dollars.
The president would like to add new payroll tax cuts for employers, for small businesses.
Oil industry: Want jobs? Start drilling
Obama, Romney jobs plans reveal deep philosophical divide
Extending unemployment benefits is also a top priority, at a cost of $50 billion dollars. Sources say the president will propose a plan where employers can try out workers receiving unemployment for free.
There will also be new infrastructure spending in Obama's plan to rebuild schools, roads and bridges will cost over $100 billion.
Finally, state and local governments would receive billions to hire more teachers and first responders. That, along with new small business tax cuts could cost another $100 billion dollars
The President has not consulted Republicans in Congress, but if they don't pass his bill, he will blame them.
"We're going to see if we've got some straight shooters in Congress. We're going to see if Congressional Republicans will put country before party," Obama said recently.
Expect to hear more of that from the president, Scott. He's going to take his message on the road in a series of speeches that advisors say will be all about his plan versus the Republicans plan to fix the economy.
Can Obama create enough jobs to save his own?
© 2011 CBS Interactive Inc.. All Rights Reserved.
Read more: http://www.cbsnews.com/8301-18563_162-20103022.html#ixzz1XNH0rARB
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More money down the drain >:(
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so its not infrastructure building jobs paid for via cuts? Thats what i heard on AM 640 this morning.
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so its not infrastructure building jobs paid for via cuts? Thats what i heard on AM 640 this morning.
Its more bogus shit and ponzinomics and Kenyanomics.
If obama wants to create jobs:
1. Repeal ObamaCare
2. Start drilling EVERYWHERE
3. New nuke plants, coal plants, and refineries
4. Sell off federal land not in use
5. Tax amnesty for offshore money
6. Defund the EPA
7. Lower cap gains to 0
8. Lower Corporate income tax to zero
9. Slash bullshit spending by the govt.
10. Require people on UE to volunteer or work a few hours a week doing something
11. Get rid of the NLRB
12. Get rid of Geithner, Lieu, goolsbee, and all the other hacks
13. Get rid of his CAFe standards crap.
14. Stop spending money like water
15. Repeal dodd Frank
That would be a start.
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I thought tax cuts didn't cost money? ???
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I thought tax cuts didn't cost money? ???
They don't, but you have to cut spending as well.
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Following is a brief look at each of the Speaker’s guests:
Spencer Weitman is the President of National Cement, which recently suspended construction of a new $350 million cement kiln in Ragland, AL due to regulatory obstacles. The construction project would have created more than 1,500 construction jobs and 20 new full-time operational positions, but was determined too costly and unpredictable because of proposed changes to EPA Clean Air Act regulations. The obstacles encountered by National Cement are on the list of “Top 10 Job-Destroying Regulations” identified in Majority Leader Eric Cantor’s (R-VA) August 29 memo outlining the legislative agenda for the remainder of the year.
Rock Katschnig is a corn and soybean farmer of 32 years from Prophetstown, IL. Hurt by a stream of harmful federal regulations, Katschnig appealed to President Obama at an Atkinson, IL town hall last month, pleading, “Please don’t challenge us with more rules and regulations from Washington D.C. that hinder us.” The president replied, “Don’t always believe what you hear.” Despite President Obama’s statement, one proposed regulation on “particulate matter” (dust) would devastate Katschnig’s industry and destroy many farming jobs. The obstacles encountered by Mr. Katschnig are on the list of “Top 10 Job-Destroying Regulations” identified in Majority Leader Eric Cantor’s (R-VA) August 29 memo outlining the legislative agenda for the remainder of the year.
Eric Treiber is the CEO of Chicago White Metal Casting, a third-generation family-owned die casting company employing 250 workers in suburban Chicago. Jobs at White Metal Casting are being threatened by increased costs associated with excessive federal regulations, in particular Clean Air Act and utility MACT regulations. White Metal Casting has also been forced to dedicate multiple employees to the task of complying with existing federal regulations.
Lisa Ingram is the COO of White Castle, a 90-year old family-run company that serves signature “slider” hamburgers. Excessive federal regulations – current and proposed – have put a strain on White Castle, contributing to a plant closure in New Jersey and slowing the company’s ability to create new jobs. The new health care law, for example, has not only jeopardized White Castle’s ability to provide health benefits to its employees, but one provision alone could increase costs so dramatically that it would destroy hundreds of jobs.
Jim Plante is CEO of Pathway Genomics, a 100-person San Diego-based biotech startup that developed a genetic testing product for consumers. Last year, Pathway partnered with a major drugstore chain to help market their product – a move that would have enabled Pathway to hire 100 additional workers. Despite being in compliance with all available FDA regulations, the FDA attacked Pathway in the media following the announcement of the partnership. The drugstore chain consequently backed out, and Pathway was unable to create those 100 new high-paying jobs.
Ignacio Urrabazo is president of Commerce Bank of Laredo, Texas, a small community bank with $450 million in assets. Urrabazo would like to lend more money to local businesses to help create more jobs in Laredo, a border community with an unemployment rate nearly 10 percent higher than the state of Texas as a whole. Unfortunately, current FDIC regulations have kept him from lending to qualified businesses. Urrabazo believes excessive federal regulations will soon put community banks out of business.
John “Jack” Earle is the Managing Partner of Earle Enterprises LP and is a multi-unit franchisee of McDonald’s restaurants in Southeastern Pennsylvania and Southern New Jersey. Mr. Earle also serves as the Chairman of the International Franchise Association. Excessive regulations imposed by the health care law and Dodd-Frank, the ongoing threat of tax hikes, and regulatory overreach by agencies like NLRB, have hamstrung Earle and other franchisers with uncertainty and stifled their ability to create new jobs.
Glenn Rieger is a General Partner at NewSpring Capital, a private equity fund in suburban Philadelphia that provides capital for growth and expansion-stage businesses. A lead investor in more than 50 mid-Atlantic businesses of all sizes, NewSpring’s ability to support job creators is being hampered by excessive regulations from Sarbanes-Oxley, which is costing them millions of dollars annually.
Safi Bahcall is the CEO of Synta, a biopharmaceutical company focused on creating new drugs for treating cancer. Hampered by an increasingly uncompetitive American business environment, Bahcall is advocating for the research and development tax credit to be made permanent. More favorable tax incentives in France and Canada have encouraged Synta to out-source work to Canada and the company is currently weighing the potential of moving American jobs to France.
Kaleil Isaza Tuzman is the CEO of KIT Digital, a 1,200-employee publicly traded video technology company. KIT faces considerable costs as a result of Sarbanes-Oxley compliance regulations. A first generation American with Colombian heritage and fluent in Spanish, Isaza Tuzman was a U.S. special trade representative in Colombia and Mexico under the Clinton and Bush administrations, and is a strong proponent of passing the U.S. -Colombian Free Trade Agreement that the president has yet to submit to Congress.
Chris George is the CEO of CMG Finance, a mortgage company in the San Francisco Bay area employing 370 people. Hurt by increased health care costs and higher taxes from the new health care law, CMG Finance says the uncertain business environment created by the Obama Administration is preventing them from hiring an additional 15 to 20 workers.
Henry Juszkiewicz is CEO of the Gibson Guitar Company. Armed federal agents have twice raided Gibson Guitar’s facilities. Why? Unelected Washington bureaucrats won’t say. No charges have been filed and federal regulators have not explained to the company what may have been done wrong or how to rectify the situation.
Gordon Logan is CEO of Sport Clips, a hair salon chain with over 800 stores. If not for the environment of uncertainty created by Washington, Logan estimates he would have opened 50-100 new stores over the past three years. Instead of hiring new workers, Sports Clips franchise owners are struggling with the new health care law’s burdensome costs and mandates, and considering canceling existing health coverage for current employees. Logan also struggles with access to capital, complicated by government-created uncertainty.
The Speaker’s guests are all employers who have run into unnecessary Washington-made barriers as they’ve tried to create jobs – barriers that will be addressed by legislation scheduled for action in the House this fall as part of the House Republican Plan for America’s Job Creators. Learn more at Jobs.GOP.Gov.
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His people are now going to avoid using the word "stimulus."
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Kenyanomics.