Obama’s “jobs” speech was historic in one way: It was the first completely ‘green’ address to Congress. Every so–called idea in the speech was recycled from the extensive collection of failed Obama stimulus programs.
What did appear to be new was the increasing level of desperation in Obama’s demeanor. He’s a man who knows he’s on a sinking ship because his socks are getting squishy.
He’s gone from the cool, noble, Führerof the Future to the Nag of our National Nightmare. I lost count of the number of times he whined, “Pass this jobs plan.” It would have been a more convincing performance if Michelle had been ordering Congress around. Obama did everything but tap his foot and shake his finger in Speaker of the House John Boehner’s face.
(And speaking of faces, did you notice Boehner’s? Maybe it was the lighting, but I could have sworn his complexion was darker than Obama’s. I think we may have the first black or at least Indigenous American Speaker of the House, but of course the mainstream media ignores a story that might make Republicans look good.)
In keeping with his policy of relaxing the administration’s grasp on reality, at the time of the speech there was no ‘Save Obama’s Job’ bill for Congress to pass, because nothing had been introduced. And just like the Congressional Budget Office does not estimate Obama speeches, the House does not pass speeches. It only endures them.
Obama grants awesome powers to his non–existent bill, “It will provide a jolt to an economy that has stalled.” Yet he keeps hooking the electrodes up to the same dead battery.
First there is $140 billion for “infrastructure.” This is Son of Shovel–Ready jobs. The only way the $50 billion allocated to bridges and infrastructure will be spent in a timely fashion is if he’s prepared to ship environmentalists off to Guantanamo. The kudzu of regulation and lawsuits surrounding road, bridge and transit funding guarantees paralysis. Just like it did the last time.
Besides, I think every illegal that wants a construction job already has one.
Then there’s the $35 billion handout for teacher’s unions and ‘first responders.’ Lucky for them most of these government workers already have jobs and since the money is a one time BINGO! experience, cities with budget problems that rely on this money to meet payroll expenses will be in the same situation next year.
So much for “investment.” Next up are tax cuts. Tuesday we learned Obama’s one year of tax cuts will be paid for by a decade of tax increases, which is about the usual Democrat exchange rate when it comes to spending.
Time stops for the Obama administration on Tuesday, November 6, 2012, so his planning horizon is just over a year. But that’s not the way it works for business. One year of tax cuts followed by ten years of tax hikes is not a ratio that’s going to inspire confidence in the business community.
Smart businessmen will continue to sit on their cash until the future looks Obama–less. Net jobs created: Zero.
The same is true for the individual taxpayers and the payroll deduction decrease. Over the course of a year it will average out to a $1,500 tax cut, but Obama doesn’t drop it off at your door in a lump sum. It comes in $125 installments. Families aren’t going to rush out and spend the money in this economy. The additional money will be used to pay down debt or be squirreled away in savings, just like it was when Bush tried this ploy and when Obama copied it later. Net jobs increased = none.
Finally comes $62 billion for the currently unemployed. Extending unemployment insurance will cost $49 billion. This may be a boon for the jobless, but it won’t get them work and it won’t get anyone else a new job either. The rest is tax credits for hiring the long–term unemployed and “work opportunities.”
Here again we encounter the time mismatch. The tax credits are for a single year, then the old rates resume along with the decade of tax increases planned by the wallet–emptiers in Obamaland.
Obama’s idea of job creation is to throw good money we don’t have after bad money we never had either. He shouldn’t be asking Congress for permission, Obama should be checking with the Chinese ambassador.
There are a number of actions Obama could have proposed if he was serious about job creation, but these are not among them. And that’s because right now the only job Obama is really interested in is his own.