Yesterday, the President released his "jobs" bill, better known as his newest spending plan, Stimulus 2.0.
Overall, it is safe to say that the measure is a terrible idea that will not pass.
First, the plan looks to do an end-run around the Bush tax cuts by raising certain tax cuts on families earning $200k or more per year. These are the highly contentious tax cuts that are important to republican office-holders. If Obama was serious about this he wouldn't have thrown a wrench into the wheel like this. He kept saying, "members of both parties have supported legislation like this in the past. . . " Who gives a damn? Republicans now won't. We know where it leads. A quarter of the republican Caucas was nominated and elected by the tea party and more than half of the entire Republican Conference has always been tea-party-conservative. The time for passing bad legislation should be over (for now at least, I believe strongly that Republicans will pass bad legislation in the future).
Second, the plan forces the debt ceiling commission to cut medical-field-jobs to pay for the spending. Literally, the president wants to cut jobs to create new jobs. That is not how it works. We want GDP growth. New ideas, new markets, new businesses, new manufacturing, new jobs. That is what will get us going again. Jobs for the sake of jobs leaves us no better than we are in today. We need a government that fosters innovation so that we can keep the old jobs while adding new jobs.
One third of the spending (about $150 billion) goes toward the exact same infrastructure spending in the same states that Stimulus 1.0 was supposed to pay for. We've already been there, we won't do it again.
There are now reports that the "jobs bill" would actually bleed more existing jobs than the jobs it would create or cut steady jobs in favor of temporary jobs.
The White House is still living in its own out-of-touch world. Obama actually believes Republicans are under pressure to pass another stimulus bill. They are not. The tea party voted these guys in to stop the growth of government, to reverse spending trends to give businesses a hand up not the unemployed a hand out.
If an intelligent Republican was pushing a jobs plan it would benefit small businesses through streamlining bank credit loans, lowering corporate tax rates, lowering payroll taxes and medical insurance reform so that employers could offer cost effective benefits and retirement accounts that could be joined with private social security accounts.
But that is not where the president is. But let me be clear for the President, so he is not surprised in November 2012. No one will view the failure of the economy as a reflection on House Republicans. They won't even view it as a reflection on the Democrat super-majority of 2008. Voters will view this bad economy as a referendum on President Obama's policies. He promised to get us moving again but instead things have only gotten worst. If Obama wants to be more than a one-term recession president, he better go back to the drawing board on a jobs plan, cause this one ain't passing.