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  • AP: President Obama's Jobs Bill Won't Create Many Jobs

    The Associated Press reported yesterday that “There’s a problem with the bipartisan jobs bill emerging in the Senate: It won’t create many jobs.” Given the President’s track record, that shouldn’t be a surprise.

    One feature of the President’s jobs bill is a tax cut for businesses that hire unemployed workers. The AP writes that “even the Obama administration acknowledges [the tax cut] would only work on the margins.” Here’s why, according to the AP:

    Tax experts and business leaders said companies are unlikely to hire workers just to receive a tax break. Before businesses start hiring, they need increased demand for their products, more work for their employees and more revenue to pay those workers.

    “We’re skeptical that it’s going to be a big job creator,” said Bill Rys, tax counsel for the National Federation of Independent Business. “There’s certainly nothing wrong with giving a tax break to a business that’s hired a new worker, especially in these tough times. But in terms of being an incentive to hire a lot of workers, we’re skeptical.”

    There’s good reason to be skeptical.

    The Obama administration already has a less-than-stellar reputation for not creating jobs, as evidenced by the fact that despite approving a $862 billion stimulus bill and promising  to save or create 3.5 million jobs by the end of 2010; as of this January employment had actually dropped by 3.4 million jobs.

    Perhaps that’s why the President’s economic report shows “the economy is projected to add jobs this year at a pace too sluggish to make much of a dent in unemployment,” as the Washington Post reports:

    The nation will add an average of 95,000 jobs a month this year, according to the forecast, a bit below the number that economists think needs to be generated just to keep up with population growth. The unemployment rate is projected to come down quite slowly after that, averaging 8.2 percent in 2012, when Obama will be up for reelection.

    That report stands in stark contrast to the President’s bold prediction last year.

    Heritage Foundation President Dr. Edwin Feulner has some suggestions to get the economy moving again:

    You need to give main street businesses and banks—our real job creators—some certainty by eliminating the threat of higher taxes, spiraling debt, and suffocating regulation. Make the tax cuts on the books permanent, to encourage more saving and investment.

    Urge Congress to reform the bankruptcy laws so that supposedly “too big to fail” companies can be restructured in an orderly way rather than bailed out or regulated to a slow death. Denationalize General Motors. And please, end the TARP bailout slush fund.

    There are bold things the President could do to create jobs, and he could start by reducing the barriers to business and job growth.

    Posted in Economics [slideshow_deploy]

    9 Responses to AP: President Obama's Jobs Bill Won't Create Many Jobs

    1. Lloyd Welch Valdese, says:

      This bill will not create jobs. I like Einsteins definition of insanity, doing the same thing over and over again and expecting a different result. These same actions have not created jobs in the past and there is no reason to think that they will create jobs now. When will Congress learn that the best thing to do is to get out of the way and let the free enterprise system work. Oh by the way, government involvment namly NAFTA created this mess to start with.

    2. Pingback: Michelle Malkin » The $15B Porkulus II cloture roll call vote: Scott Brown, the Voinovich pay-off & business as usual

    3. Pingback: Michelle Malkin references article that is actually counter conservative.

    4. Ster, Denver says:

      "There are bold things the President could do to create jobs, and he could start by reducing the barriers to business and job growth."

      LOL! This President will not so that. He will never admit that any of his ideas are wrong. He will go down as another Carter-like fool, who never learns.

      Spending money does not create jobs… it never has. It can create Government jobs, but only at the expense of private-sector jobs.

      Our President doesn't have a clue. Or, if he does, he does not care.

    5. Pingback: ANOTHER RINO? Not AGAIN!! at Desert Conservative

    6. Pingback: Michelle Malkin » The 11 Senate Republicans who voted for the$15 billion Porkulus II jobs bill

    7. Pingback: Jobs, Jobs, Jo-… Where’d They Go? « Finding Ponies…

    8. Pingback: The 11 Senate Republicans who voted for the $17 billion No jobs bill | Politisite

    9. Pingback: High-Speed Rail: More Mickey Mouse Stimulus Spending | The Foundry: Conservative Policy News.

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