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A New Obama Jobs Bill

September 1, 2010 - by Donny Shaw

Having pushed aside energy/oil spill legislation until the lame-duck session, the weeks between when Congress reconvenes from the August recess on September 13 and before they adjourn for election season in October will be focused on one thing — saving the U.S. economy from slipping deeper into recession.

There’s a small business jobs bill on tap (H.R. 5297), a vague plan to do something with the expiring Bush tax cuts, and now, according to the Wall Street Journal, a new jobs package from the Obama Administration:

The Obama administration is considering a range of new measures to boost economic growth, including tax cuts and a new nationwide infrastructure program, according to people familiar with the discussions.

The president’s economic team has met frequently in recent days to list ways to bolster the struggling recovery, according to government officials.

On the list of possible actions: additional tax cuts for small businesses beyond those included in a $30 billion small-business lending bill before the Senate. It’s not clear what those tax breaks would target or how much they might cost in lost revenue to the government.

Also in the mix: a possible payroll tax cut for businesses and individuals, as well as other business tax breaks, according to people familiar with the discussions. Currently, income taxes are scheduled to rise with the expiration of Bush-era tax cuts at the end of this year.

Unfortunately, as this bill is crafted and decisions are made about what to include, creating and saving jobs is going to take a back seat to building a package that can actually pass. Infrastructure investments will be a tough sell with Republicans, and Democrats won’t exactly be thrilled to vote for more business tax cuts. Done right, both have the potential to create jobs and stimulate the economy, but all the attention this election season on the federal deficit is likely going to distract legislators from focusing on these more pressing issues.

I’m guessing this new Obama jobs packaged gets bundled together with the Bush tax cuts bill. There is a baseline agreement right now on extending the tax cuts for all people earning less than $250,000. If the Republicans can get an extension of some of the tax cuts for higher earners, they may agree to some more temporary stimulus in the form of infrastructure spending. Obviously, there’s nothing ideal about such a package. Nobody will be thrilled, and it wouldn’t do as much to boost the economy right now as one that took the revenue losses from an upper-income tax break extension and invested in people who are most likely to spend. But, after watching the Senate basically stall out for the past few months, we seem to be facing a choice between nothing and something like this. Time for filibuster reform, anyone?

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Comments

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davidd30318 09/10/2010 10:50am
in reply to Nodlee87 Sep 01, 2010 2:31pm

UMMM TAX CUTS WHAT ABOUT THOSE FAMILIES LOOSING THEIR UNEMPLOYMENT CHECKS OR THOSE IN FACT LOST THIERS AND STILL HAVE “NOT” FOUND A JOB. THERE IS A BILL PROPOSED BY Senator Debbie Ann Stabenow NOT EVEN NOT ON THE TABLE. VOTE VOTE THESE PEOPLE OUT OF OFFICE! LET YOUR VOICE BE HEARD WHAT JOBS FOR ALL THOSE UNEMPLOYED?

beenblue 09/01/2010 10:24pm

This is not a recovery, this is insane !!! All the public gets is what the republicans allow.So we get, what we deserve. We are in a climate of fear and compromise, and I don`t consider this the " CHANGE " that was supposed to happen ! The presidency is a front for the banks, and if you think I`m misguided, well just look at the people he put in charge of the country`s economic recovery,It`s the same people and their lobbyist that brought us here, the White House is crawling with them, like cockroaches !! STOP and THINK about it, this is a sham and nothings changed since we changed Presidents and congress, the only winners then and now are the BANKS. The system is corrupt top to bottom and it`s in your face and their are no objective news agencies left to pull the curtain back to bring the DARK-LORDS into the light. The only reason were not in a recovery, is because the same people who brought us here, are still in charge.

Abaratarrr 09/01/2010 5:15pm
in reply to Abaratarrr Sep 01, 2010 5:14pm

I’m sure you’ll think my offer is reasonable and happily partner with me, but it doesn’t really matter how you feel about it because if you ever try to stiff me – or cheat me on any of my fees or rules – I’ll break down your door in the middle of the night, threaten you and your family with heavy, automatic weapons, and throw you in jail.

That’s how civil society is supposed to work, right? This is Amerika, isn’t it?

That’s the offer Amerika gives its entrepreneurs. And the idiots in Washington wonder why there are no new jobs.

Posted: August 24, 2010
10:37 pm Eastern

© 2010 WorldNetDaily
http://www.wnd.com/index.php?pageId=195493

Abaratarrr 09/01/2010 5:14pm
in reply to Abaratarrr Sep 01, 2010 5:12pm

Oh … and one more thing.

Even after you’ve sold the business and paid all of my fees, I’d recommend buying lots of life insurance. You see, even after you’ve been retired for years, when you die, you’ll have to pay me 50 percent of whatever your estate is worth.

After all, I’ve got lots of partners and not all of them are as successful as you and your family. We don’t think it’s “fair” for your kids to have such a big advantage. But if you buy enough life insurance, you can finance this expense for your children.

All in all, if you’re a very successful entrepreneur, if you’re one of the rare, lucky, and hard-working people who can create a new company, employ lots of people, and satisfy the public, you’ll end up paying me more than 75 percent of your income over your life. Thanks so much.

Abaratarrr 09/01/2010 5:12pm
in reply to Abaratarrr Sep 01, 2010 5:11pm

You’re also going to have to pay me about 12 percent of whatever you decide to pay your employees because you’ve got to cover my expenses for promulgating all of the rules about who you can employ, when, where, and how. Come on, you’re my partner. It’s only “fair.”

Now … after you’ve put your hard-earned savings at risk to start this business, and after you’ve worked hard at it for a few decades (paying me my 50 percent or a bit more along the way each year), you might decide you’d like to cash out – to finally live the good life.

Whether or not this is “fair” – some people never can afford to retire – is a different argument. As your partner, I’m happy for you to sell whenever you’d like … because our agreement says, if you sell, you have to pay me an additional 20 percent of whatever the capitalized value of the business is at that time.

Abaratarrr 09/01/2010 5:11pm
in reply to Nodlee87 Sep 01, 2010 2:31pm

I’d like to make you a business offer.

Seriously. This is a real offer. In fact, you really can’t turn me down, as you’ll come to understand in a moment…

Here’s the deal. You’re going to start a business or expand the one you’ve got now. It doesn’t really matter what you do or what you’re going to do. I’ll partner with you no matter what business you’re in – as long as it’s legal.

But I can’t give you any capital – you have to come up with that on your own. I won’t give you any labor – that’s definitely up to you. What I will do, however, is demand you follow all sorts of rules about what products and services you can offer, how much (and how often) you pay your employees, and where and when you’re allowed to operate your business. That’s my role in the affair: to tell you what to do.

Now in return for my rules, I’m going to take roughly half of whatever you make in the business each year. Half seems fair, doesn’t it? I think so. Of course, that’s half of your profits.

Nodlee87 09/01/2010 2:31pm

“If the Republicans can get an extension of some of the tax cuts for higher earners, they may agree to some more temporary stimulus in the form of infrastructure spending”.

So am I to understand that if the Republicans can keep putting more money into the hands of the RICH, than the RICH will keep putting money into the Republicans pockets and then the Republicans will vote to help the Americans that are struggling. And why do we continue to put Republicans in office?

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