Last night was the President's long awaited "American Jobs Act." It is a disaster for America. Hit the jump --
After President Obama's huge electoral victory in 2008, he came into the White House to save the economy that "W. had ruined." He started off by passing his Keynesian Stimulus bill. Not surprisingly, it turned out to be a disaster. The bill cost almost $900 billion dollars. At the end of the day, it was simply a bill that's main objective was to find ways to spend money so that we could infuse that money into the economy. It was the ultimate pork barrel project. Members from all over the country put special earmarks they had been saving into this bill. Unions were taken care of too. Teachers unions were rewarded for their unwavering support. Obama talked about how many jobs were created/saved. "Saved" just meant that school districts that couldn't afford to pay some of their teachers, would now get money that had been sent from the district to D.C. and now D.C. was sending the same money back to the district to prop up the jobs of teachers. Teachers and unionized workers from all over the country were given money to prop up their jobs, salaries and benefits. The bill was sold, in part, as an "infrastructure" bill. But at what cost? Isn't money already allocated for infrastructure? The "American Recovery and Re-Investment Act" created no new jobs, it did not stop us from going into another recession and did not create any investment. It was a complete and utter failure. I am sure that there are teachers thankful to their union and the President that their jobs were saved. I am sure there are some bridges that were fixed as a result of the bill. But it cost almost one trillion dollars to pass. One trillion. We are $15 trillion in debt with no plan to get out right now and the president and Congressional Democrats passed a one trillion dollar bill. Paul Krugman and other leading liberals declared that the bill wasn't anywhere near large enough. Obama listened.
Instead of realizing that simply spending tax payer money props up the status quo rather than stimulating innovation and growth, Obama has gone back to the same tired philosophy -- spending.
The American Jobs Act is nothing more than an admission that Stimulus 1.0 didn't go as planned, so we needed Stimulus 2.0. Wrong. Trying the same thing again and expecting different results is idiotic and it will not work. However, it will surely put us deeper into debt.
Republicans were elected overwhelmingly in 2010 with a mandate: no more bailouts and no more spending. The election was a referendum on Obama's bailouts, his stimulus spending bill and his healthcare spending bill. Americans said "no thanks, keep the change." Now, Obama expects the same thing to pass again?
His speech was a huge lie. The President said that the debt commission would be tasked with finding another half a trillion dollars in cuts to apply here. This isn't the purpose of the debt commission. Its purpose was not to cut so we could find new ways to spend. The goal was to cut so that we could get our financial house in order. And just like a typical democrat plan, the spending must occur immediately, with the cuts to occur within ten years. Any bill that assumes spending cuts ten years down the road, is code for "make the cuts after I leave office." If it was so easy to cut half a trillion dollars, why didn't the president agree to allow this to happen the first time around? It was like pulling teeth to find any cuts the first time and now that he wants something he just tells Congress to do it. If you really want to cut, you gut half a trillion from the budget right now, use it on this one time bill and then we get the savings in 2012 and beyond.
But the political threats and thuggery have already begun. Teacher Union leader, Randi Weingarten had the audacity to say that if Republicans didn't pass Stimulus 2.0, by "voting no, then the country’s hardships will be laid at their feet.” Seriously? The House Republicans who haven't been in office or in control for even a year will be responsible for the country's hardships? Incredible. Obama himself invited union bosses and corporations that don't pay taxes to sit in his corner last night. The left means business this time and they are going to be out in full force over the next few weeks declaring the tea party, sons of bitches, etc.
Republicans cannot pass this bill as is. Some of the ideas in the bill are worth consideration, including new trade agreements, regulatory reforms and relief for small businesses. But republicans in the House can pass a revised bill of their own.
Congress should vote "No" on this bill. Obama himself said he would not deserve to be re-elected if he could not turn the economy around after 3 years. But his time is up. He has had 960 days to fix the economy and he has failed to do so. Unemployment has risen under his watch, growth has slowed under his watch and investors and businesses don't believe in his policies. We cannot spend our way to prosperity. Prosperity comes through hard work and sacrifice. The President is philosophically incapable of helping out businesses instead of spending, spending, spending. If House Republicans oppose this bill, they may lose in the short term, but they will win over the long term. The media will demonize them as the "party of no" today, but American will be better off for it long term and this will expediate the end of the Obama era by making him a one-term president.
I am calling my representative in the House today, and telling him to vote "no" on stimulus 2.0.