So President Barack Obama has sent his jobs bill to Congress for immediate approval.
Let’s hope Congress THIS time reads the bill before any action is taken.
This is Jobs Bill No. 3.
We all recall the first stimulus package (Jobs Bill No. 1) for $787 billion, wherein the Congress got no time to read it as Obama wanted it NOW to pay for “shovel ready” projects to keep unemployment under 8 percent. Unemployment is 9.1 percent.
The president jokingly said a while back that, “I guess those shovel-ready projects were not so shovel-ready after all.”
Then came QE2 (Jobs Bill No. 2). That one was done by the Federal Reserve. Neither one has worked and only put us deeper in debt.
Europe is beginning to learn the hard way that one cannot keep spending more than one makes. But this administration still believes it can.
How will it be paid for?
• Raise taxes on the”rich” (never defined properly), that even IF passed, will make a small dent in the $450 billion this package will cost.
e_SBlt Request the “super committee” to find another $450 billion of cuts above the $1.5 trillion already dumped on it to pay for the deficit reduction deal recently passed.
That committee already had a “mission impossible” before this latest Obama surprise dump. Some tax code revisions do make sense.
The little we know of this package is that it will be difficult or impossible to pass, since it will increase the deficit and has some old proposals that are DOA.
It seems the president has given himself a sure-fire campaign slogan. Here it is: “Let me tell you, IF Congress and Republicans and those Tea Party folks had given me my jobs bill we would have a much lower unemployment by now.” And then continue blaming everyone but the dog catcher for his failed policies.
Even if passed, this bill will not create any commercial jobs as he has not mentioned “shovel-ready” jobs. So who knows where THIS money will go!
It is time the spending spree stops and serious cutting costs starts even though it may be painful.
The morning after a wild party is always painful. And, boy, did we have a wild spending party the past few years.