President Barack Obama gave his speech and introduced his "jobs bill" ten days ago. Two things were said at that time about how the bill's expenditures would be paid for: (1) that the White House would release the revenue details in the next week, possibly at the same time as the bill itself, and (2) that the "supercommittee" formed under the debt ceiling bill would be tasked to find the money.
It appears he has actually done both.
At least one Congressman has read the text of the bill Obama sent to the Congress (but which has apparently not yet been introduced by anyone). He noted in an interview that a late section of the bill requires the debt ceiling "supercommittee" to increase its revenue/savings target by the cost of this bill. Elsewhere in the bill are the $467 billion in tax increases Obama has proposed to pay for the $447 billion estimated cost of his jobs/stimulus bill. (This, too.) Thus, the bill's cost is apparently "paid for" twice. Does the Administration intend more spending than it has acknowledged, and is using this opportunity to raise the extra money they want? Or is this a recognition that its proposal to pay for this bill with tax increases that have already been rejected by Democrats and Republicans alike is not serious?
There are other things wrong with this bill, too. Among these are:
- Obama's bill creates at least two new federal bureaucracies, neither related (so far as I can determine) to job creation. This continues the Administration's pattern of using various bills and proposals to add to the bureaucracy and the national regulatory burden.
- Most, if not all, of the spending proposals are repetitions and continuations of the same old tired things Obama had in his failed 2009 stimulus bill. They didn't work then, and they almost certainly won't work this time, either. That must be why Obama and his followers are calling this a jobs bill instead of a stimulus bill. The Obama people still want to pretend the stimulus worked, but they know the American people know that's bunk which is why they won't use the stimulus term.
- If spending on these proposals didn't help create jobs in 2009 and 2010, how are they going to create jobs now in 2011 at half the spending level?
- Pretty much all the spending proposals are recycled from Obama's failed 2009 stimulus bill. So this is a "green" bill. The Administration pretends that "green" and recycling are good things, but I doubt that recycling failure is worthwhile.
- Obama's bill raises taxes in a recession. Obama himself has said that's exactly the wrong thing to do. Obama and his people must know this. Therefore, either that statement or his current proposal is fraudulent and unserious.
- Obama's bill raises taxes on the very people he's calling on to hire people. Increasing their costs is the surest way to insure they won't create any new jobs.
- Obama's bill assumes, but apparently does not state, the expiration of the "Bush tax cuts" (required by the Democrats' previous intransigence). That expiration means a tax increase for everyone who pays taxes as well as many who no longer do. That's a part of the tax increases Obama has been pushing for since before he became president. And that one alone even without the additional tax increases Obama proposes will be the largest tax increase in the history of the United States. Another massive job killer, again courtesy of Barack Obama.
The original Obama stimulus was a total failure. His recycled "stimulus junior", if enacted, will be no better. At best.
Two final words on Obama's recycled "green" "stimulus junior":