With the nation struggling through a great recession, President Obama urged Congress Thursday night to back yet another (so-called) jobs plan, costing $447 billion , which he promised will give a "jolt to an economy that has stalled."
Obama's new plan includes tax breaks for workers and firms that hire the unemployed; programs to help cities and towns retain teachers, firefighters and police officers; and money to rehabilitate vacant and foreclosed homes. It also calls for $50 billion to improve transportation and $10 billion toward a public-private "infrastructure bank."
"The people of this country work hard to meet their responsibilities," Obama said. "The question tonight is whether we'll meet ours. The question is whether in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy."
The speech came as a sluggish job market, financial turbulence in Europe and plummeting consumer confidence has sent the administration and lawmakers searching for ways to pump momentum into the economy.
Obama said his plan would put more people back to work and "more money in the pockets of those who are working" by creating jobs for construction workers and veterans returning from the wars in Iraq and Afghanistan. And it would mean a tax break for companies who hire new workers, and a payroll tax break for both employees and their employers.
"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services," he said. "You should pass this jobs plan right away."
Republicans charge that overregulation and government spending is the cause of the economy's problems, not the solution. Many criticized Obama's proposal before he delivered it and sat stone-faced as he told them 17 times in a 33-minute speech to pass the proposal.
"Just look at Europe today. There is a limit to what big government policies can do," said Cathy McMorris Rodgers, R-Wash., vice chairwoman of the House Republican Conference. "And here in America we need to change course."
Still, House Speaker John Boehner, R-Ohio -- who chose not to stage a televised Republican response to the speech -- said Obama's proposals "merit consideration."
"It's my hope that we can work together to end the uncertainty facing families and small businesses, and create a better environment for long-term economic growth and private-sector job creation," Boehner said in a statement.
Senate Majority Leader Harry Reid, D-Nev., called Obama's ideas a "commonsense bipartisan approach," and he pointed out that Republicans have supported some of the ideas in the past. But now, Reid said, "Republicans made it clear they were more interested in pursuing a political agenda than a jobs agenda." Republicans "aiming at the president caught innocent Americans in the crossfire," he said.
"The president's plan would provide a meaningful boost to the economy and job market in 2012," Zandi concluded. "I expect the plan to add 2 percentage points to real GDP growth and 1.9 million payroll jobs, and reduce unemployment by a percentage point."
The biggest contributor to job growth next year under the Obama new plan would be extending the payroll tax holiday for workers, which is expected to add 750,000 jobs. Infrastructure spending could add 400,000 jobs.
Obama's new plan includes tax breaks for workers and firms that hire the unemployed; programs to help cities and towns retain teachers, firefighters and police officers; and money to rehabilitate vacant and foreclosed homes. It also calls for $50 billion to improve transportation and $10 billion toward a public-private "infrastructure bank."
"The people of this country work hard to meet their responsibilities," Obama said. "The question tonight is whether we'll meet ours. The question is whether in the face of an ongoing national crisis, we can stop the political circus and actually do something to help the economy."
The speech came as a sluggish job market, financial turbulence in Europe and plummeting consumer confidence has sent the administration and lawmakers searching for ways to pump momentum into the economy.
Obama said his plan would put more people back to work and "more money in the pockets of those who are working" by creating jobs for construction workers and veterans returning from the wars in Iraq and Afghanistan. And it would mean a tax break for companies who hire new workers, and a payroll tax break for both employees and their employers.
"It will provide a jolt to an economy that has stalled, and give companies confidence that if they invest and hire, there will be customers for their products and services," he said. "You should pass this jobs plan right away."
Republicans charge that overregulation and government spending is the cause of the economy's problems, not the solution. Many criticized Obama's proposal before he delivered it and sat stone-faced as he told them 17 times in a 33-minute speech to pass the proposal.
"Just look at Europe today. There is a limit to what big government policies can do," said Cathy McMorris Rodgers, R-Wash., vice chairwoman of the House Republican Conference. "And here in America we need to change course."
Still, House Speaker John Boehner, R-Ohio -- who chose not to stage a televised Republican response to the speech -- said Obama's proposals "merit consideration."
"It's my hope that we can work together to end the uncertainty facing families and small businesses, and create a better environment for long-term economic growth and private-sector job creation," Boehner said in a statement.
Senate Majority Leader Harry Reid, D-Nev., called Obama's ideas a "commonsense bipartisan approach," and he pointed out that Republicans have supported some of the ideas in the past. But now, Reid said, "Republicans made it clear they were more interested in pursuing a political agenda than a jobs agenda." Republicans "aiming at the president caught innocent Americans in the crossfire," he said.
"The president's plan would provide a meaningful boost to the economy and job market in 2012," Zandi concluded. "I expect the plan to add 2 percentage points to real GDP growth and 1.9 million payroll jobs, and reduce unemployment by a percentage point."
The biggest contributor to job growth next year under the Obama new plan would be extending the payroll tax holiday for workers, which is expected to add 750,000 jobs. Infrastructure spending could add 400,000 jobs.
Brian Blackwell
Copyright © Sept. 10, 2011 Brian Blackwell
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