Last night we heard from the president. He had a jobs bill that needed to be passed immediately. The bill has a cost of 450 billion dollars, or 1,350 dollars for every man woman and child in America. This bill would cost more than the entire deficit of the worst year (2004) of deficit spending under Bush.
No need to worry. The president says it is paid for.
How? Well, that he is not sure of. He has some suggestions, and he will share them with us later, but for now he tasked the same bipartisan team that is trying to cut spending with finding the money. Let us understand this a little better.
An agreement that could not be found this summer with everything to lose by not finding agreement was put off six months, and sent to a group of six people who were not at all certain that they could find a solution, but they will certainly be able to find the solution if we only add on more burden than they originally had.
Didn't think so.
But it doesn't make a difference. The goodies he is spreading around sound good for everyone. The biggest piece, about 250 billion is in tax cuts; the kind of tax cuts that are supposed to be the best kind; the kind of tax cuts that will result in instant jobs; the kind of tax cuts that economists say produce the biggest bang for the buck! So it is said, in the New York Times, just this morning.
Unfortunately, if you read further into the article, we start to get into that Newspeak designed to hide the fact that everything said above was simply not true. Paragraph 13 on the lower left-hand side of page A18 says" In the present climate, however, there are significant reasons to doubt that consumers are honoring the predictions of economic models by taking that money and racing out to spend it."
Orwell would be proud. Translated literally, we the consumers are aware of economic models that predict a society of hand to mouth victims, who never-the-less decide to dis-honor the conclusions of those economic models. That's nonsense. What it really says is this tax cut doesn't work! The biggest piece of Obama's Jobs Act simply doesn't work. It does nothing but add billions more to our collective debt, and we or our children will need to pay it all back.
In the same article paragraph 18 reminds us that the Congressional budget office has already estimated that for every dollar spent in employee tax cuts, workers would generate "up to 90 cents". In other words, we already know it won't work. It won't be efficient.
The president said that all his proposals should be passed. Indeed, all of his proposals have been based on ideas that have been passed in a bipartisan fashion in the past, but we have to say it ain't so. We need to contact our congressmen and senators to register our warning. We have never been so in debt, and asked to borrow so much, to do so little, in such a short time.