President Obama is expected to propose at least $300 billion in federal spending and tax cuts Thursday night to get Americans working again, including several items already suggested -- like a payroll tax cut extension through 2012 that would be worth about $110 billion.How many jobs are created by extending unemployment benefits? None. How many jobs are created by "targeted tax cuts", otherwise known as "loopholes", for businesses to hire people from politically correct classes? None. This proposal will be a big zero on job creation and the GOP should swat it aside.
Obama will lay out his plans during an early prime-time speech at 7 p.m. ET, scheduled to precede the Green Bay Packers-New Orleans Saints regular season opener. Republicans, who assailed some of the president's plans on Tuesday, as Congress returned, have not scheduled a rebuttal to follow the speech.
Among some of the items that would quickly add up are the payroll tax cut extension as well as $60 billion for extending unemployment benefits for another year; a highway bill worth $90 billion that the president proposed last month to extend but which has not gone anywhere; a $40 billion job training program; and a targeted payroll tax cut for employers to encourage new hiring worth about $30 billion. Other items could be extending a deal negotiated in 2011 to accelerate depreciation on new equipment and other tax breaks for businesses or perhaps a housing and mortgage fix.
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.
And don't look for the word "stimulus" in Obama's speech:
Rep. Nancy Pelosi (D-Calif.) and House Democrats have dropped the word "stimulus" from their vocabulary.I'm sure that'll work.
Though the House minority leader and her caucus are still pushing an economic stimulus agenda to save the economy, they've radically changed their rhetoric with the hope of winning over voters who saw "stimulus" as close to a dirty word.
Democrats are now being careful to frame their job-creation agenda in language excluding references to any stimulus, even though their favored policies for ending the deepest recession since the Great Depression are largely the same. . . .
Recognizing the unpopularity of the 2009 package, however, Democratic leaders have revised their message with less loaded language -- "job creation" instead of "stimulus" and "Make it in America" in lieu of "Recovery Act" -- in hopes of tackling the jobs crisis.