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The American Jobs Act of 2011: Lather, Rinse, Repeat and Fail.

As a dog returneth to his vomit, so a fool returneth to his folly.

– Proverbs 26 (HT: Kingjbible.com)

It’s fortunate that all our Elected Leader promised us was a Job’s Plan. Because the plan he presented last night looks like a cribbed version of Christine Roemer’s failed effort from 2009. The President’s proposed American Jobs Act features the same boondoggles, the same EBT Cards, the same targeted tax relief and undoubtedly; the same result.

Like the rest of Barack Obama’s Presidency, this bill will be smaller than the failure bomb detonated in 2009. He intends to only add $447Bn worth of “paid for” spending to the deficit this time. The last time out, the price tag was $787Bn. So, outside of a $342Bn concession to the results of the 2010 Midterm Election, President Obama has learned positively nothing from the last 2.5 years.

The Boondoggles in the prior stimulus included Infrastructure Investment, renewable energy investment, $100Bn in education spending, and numerous other proposals best forgotten. The new plan includes the following boondoggles: transportation infrastructure, school repair and modernization, and more house rehabilitation. It’s the same plan as the prior stimulus. It will give us the same result.

The original American Recovery and Reinvestment Act of 2009 included approximately $82Bn worth of spending on social welfare programs. This was targeted to favor the recently unemployed. The new American Jobs Act extends the welfare expansion for yet another year. The motives here are decent and noble, but these continued extensions have turned the necessary societal safety net into a hammock for the ne’er-do-wells. The the real-world results are a disincentive for low-skilled individuals to seek gainful employment. Decent intentions do not insure a successful policy outcome and this also will fail.

The 2009 American Recovery and Reinvestment Act attempted to put spending money in the pockets of consumers by reducing the rate of payroll tax collections. It also included targeted tax breaks for education, home purchases and some remodeling and incentives to buy new cars. This was supposed to goose aggregate demand and convince people drowning in personal debt to buy more big-ticket items on credit. The American Jobs Act will extend these tax breaks.

Thus, the American Jobs Act is remarkably similar to the failed 2009 American Reinvestment and Recovery Act. All our President seems to have in his toolkit is a hammer. He will use it to pound away at the current Phillips’ Head Screw and wonder why he can’t drive it through the board with significant success. It’s the sequel to a Hollywood Movie that bombed in its original run. We could call it Stimulus – Smaller, Shorter and Regrettably Un-Cut!

The legislation will pass, and then it will fail. It will work politically and then it will fail to improve the American economy. Let’s all hope it is the final, misguided act of Barack Obama’s one-term presidency.

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COMMENTS

  • gekster

    No matter how many times you play it, it still skips in the same place, and gets worse the more you play it.
    The only solution is to throw it out, and get a new one.
    Obviously Obama doesn’t know where tthe record store is to get a new one.

    • gekster

      it is what we used to listen to music on back when dinasours roamed the earth.

    • Repair_Man_Jack

      if it’s stuck and won’t come out for some reason.

    • acat

      I don’t know what Steve Jobs did but .. it skips.

      One of these days, I have to remember to download it again but .. I only notice it when I’m wearing my iPod .. and that’s never when I’m near a computer.

      Mew

      • gekster

        Obama’s been trying to ‘buy’ the stairway to Heaven, and he keeps falling on the missing steps.

  • dajeeps

    If the new members are just taking the eraser to the old, failed stuff, replacing their names for the old ones and affixing a new title? This really bizarre.

    • Repair_Man_Jack

      He went to Harvard. We did not. His answers are always right. (Even when they are wrong.)

  • Raven

    Bank of America announced this morning that is was closing dozens, if not hundreds, of branches and laying off upwards of 40,000 employees.

    Great job, Mr President.

    • Repair_Man_Jack

      But he can’t stand between BOA and the economic reality of their own stupid decisions.

  • JimmyGee

    “Is doing the same thing over and over, and expecting a different result.”
    I remember watching a National Geographic special about doing hard time in a maximum security prison in California. An inmate used this quote. Not to say that he was stupid, he was very articulate. He was a hard-core gang leader.
    My point here being is that our government “hard-core gang leader-in-chief” that currently occupies the White House, does not get it? He has to know that his “same as the last stimulus” plan but only costs half as much, will not work any better than the first stimulus. And that the “shovel-ready” jobs that Dear Leader promised us in the first stimulus were ready, later joked that they weren’t shovel-ready as they thought. Funny stuff.
    I believe that he knows full-well that HE is the problem to jobs in this country. I believe that this is part of his plan to destabilize the country further. If you think that I may own a bit too much stock in aluminum-foil hats, there is this from the Wall Street Journal:

    September 8, 2011, 9:58 PM ET

    Senate Approves $500 Billion Increase in Borrowing Authority

    By Corey Boles

    “The U.S. Senate, in an unusual procedure, cleared the way Thursday for the U.S. to lift its borrowing authority by $500 billion to $15.19 trillion, enough to keep the support federal government borrowing through late January or early February.

    The action came under an unusual legislative procedure spelled out under the August agreement to raise the U.S. debt ceiling and avoid a U.S. credit default. In a 52-45 vote, the Senate blocked an attempt by Republicans to slow down the process that will result in the $500 billion debt-ceiling increase.

    The increase stems from a deal between Congress and the White House, finalized last month, that spells out how the borrowing limit would be increased by $500 billion. Under the process, lawmakers in both the House and Senate must vote on a resolution of disapproval against the increase in the borrowing limit. President Barack Obama would then have to veto the resolution of disapproval, and Congress would then vote to try and override that veto.

    The complicated procedure, designed by Senate Minority Leader Mitch McConnell (R., Ky.), would allow an increase of the borrowing limit while allowing most Republicans to vote against such an increase.

    There was a twist in this scenario Thursday evening, however. Democrats held firm, rejecting the resolution of disapproval, thereby speeding the process and increasing the borrowing limit immediately.

    Only Sen. Ben Nelson (D., Neb.) broke from his party to vote with the Republicans in trying to move forward with the measure.

    The next increase in the borrowing limit, likely in the first quarter of next year, will be dependent on the ability of a panel of 12 lawmakers to reach a deal that cuts at least $1.2 trillion from federal budget deficits over the next decade. ”

    The first two paragraphs really caught my attention. I believe that the democratic led senate will use this money for “Dear Leader’s” job bill, which is nothing more than another pre-election “slush-fund” for all of Dear Leader’s political friends, and the unions.

    I am now too cynical in my thinking that an “unusual procedure” by the senate (I thought it was Congress that controls money?) allows them to borrow just enough money to pass Dear Leader’s job bill on the same day of yet another of Dear Leaders “speeches.”

  • lastgopinillinois

    fell for the first stimulus. All ya gotta do is look at the name of the bill.
    American recovery and REINVESTMENT act.
    Anybody remember the Community REINVESTMENT act ?
    If it has that word in it, that means that it is actually a wealth re-distribution scheme.
    But CRA (which ultimately became a complete takeover of our community banking system by the govt) les us DIRECTLY to the housing meltdown in 2008, of which we are still reeling from to this very day
    WATCH OUT FOR THE NAMES OF THE BILL
    If it is a democrat bill, it probably DOES something completely different than the NAME implies. And they know how to hide it well.

  • mudhead

    Wipe hands on pants.