Obama Said to Plan More Than $300B Jobs Package - still being finalized, some proposals could change

[jefferson_dem]

Obama Said to Plan More Than $300B Jobs Package
By Albert R. Hunt - Sep 6, 2011 6:03 PM ET

President Barack Obama plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts, infrastructure spending and direct aid to state and local governments.

Obama would call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional supercommittee charged with finding ways to reduce the nation’s debt.

Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers.

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The main components of Obama’s jobs plan, though not its scale, have been largely telegraphed by the administration. Obama has pressed Congress throughout the year to renew the payroll tax holiday along with extended unemployment benefits, which also expire Dec. 31. Backing for a reduction in the employer contribution to the payroll tax has been under consideration since at least June.

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http://www.bloomberg.com/news/2011-09-06/obama-said-to-plan-more-than-300-billion-for-jobs-to-boost-u-s-economy.html

Obama said to be looking at $300 billion jobs plan

By JIM KUHNHENN
Associated Press

WASHINGTON (AP) -- People familiar with the White House deliberations on a jobs package say President Barack Obama is considering a plan totaling about $300 billion in tax cuts and spending for 2012.

Two of the biggest measures are expected to be a one-year extension of a payroll tax cut for workers and a continuation of unemployment benefits. Those items would total about $170 billion.

The people spoke on the condition of anonymity because the plan was still being finalized and some proposals could be changed before Obama introduces his plan Thursday night in his address to Congress.

The White House is considering tax incentives for businesses that hire as well as spending for public works projects.

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http://hosted.ap.org/dynamic/stories/U/US_OBAMA_JOBS_PACKAGE?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT

[bluestateguy]

1. And here come the leaks

Washington staffers (that includes Capitol Hill, the White House, the bureaucracies) are going to drive me to the loony bin before I am 40.

[Davis_X_Machina]

2. It's not big enough.

Just figured I'd be first to get that in.

(Of course, choosing exact size of the package that isn't going through Congress anyways is like picking out the color of the Lexus you're not getting for Christmas...)

[pauldg0]

32. I agree.

[DURHAM D]

3. This is too stupid for words.

Especially the last part - decrease for employers.

"Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers."

[Mojorabbit]

12. I agree

This will do nothing to create jobs. It will only underfund SS in the long run. I am looking for infrastructure projects, etc. This blows if it is true.

[Maven]

15. +1

[jefferson_dem]

4. Forgot to say... This plan, as reported, sucks!

It doesn't do this, that, and the other.

Instead, it does this, that, and the other.

What a crock... Or something.

[Cali_Democrat]

5. Not only is it not enough, but half of it would be in the form of tax cuts?

It also specifies offsets through entitlement cuts.

We are truly fucked as a nation.

[theaocp]

7. I just have to laugh now, b/c

I suspect the Republicans will call it a "good first step" or somesuchshit. Complicit or an idiot? You be the judge. We certainly SEEM fucked.

[Hell Hath No Fury]

11. Yup, the Devil is always in the details.

For the last time folks: tax cuts do not create jobs! :mad:

This sounds exactly what was floated last week -- totally insufficient to the task. :cry:

[doc03]

6. That is his new bold jobs plan! He just doesn't get it does he? n/t

[DURHAM D]

8. I am dozing off already and its two days away. nt

[jefferson_dem]

9. Romney has a whole 59 points in his plan.

Perhaps that will keep you entertained?

[DURHAM D]

10. So you like Obama's plan?

[jefferson_dem]

13. I'm hoping for bigger and bolder than what I see here.

Middle class tax cuts, and employer incentives, as parts of a more substantial package are cool with me. But I do want MORE because we need more.

That being said, I know how strategic leaks work. Even the report notes that the plan is not finalized.

... ill await final details.

[whosinpower]

14. This is the big bold plan?

Hm.....this is a bit underwhelming. Not much new - just a repeat of the other one last year....extending unemployment and a payroll tax cut.....

And for a tax incentive for businesses to hire....RAISE THOSE TAXES FIRST....AND then offer them a tax credit for hiring registered unemployed persons - not a TAX CUT. Show the big stick with hooks on it first...before giving them any carrot.

[bluestateguy]

16. aid to states is a very good idea that will save jobs

The Georgia Doesn't Work proposal is a load of crap.

[high density]

17. If this is the cure, let's just do nothing instead

Isn't this the same exact worthless shit that was talked about a year ago?

[ClarkUSA]

18. Extending UI & payroll tax cuts are good ideas. They amount to a big stimulus plan.

Because 70% of the economy is from consumer spending. That money will be an economic lifeline for the needy long-term unemployed and help struggling middle-class Americans.

[MadHound]

20. The problem is, this is supposed to be a jobs program, not a stimulus.

Not to mention the fact that tax cuts are the least effective form of stimulus going(which is why the first stimulus was such a flop, it had over forty percent tax cuts).

We need a WPA style job creation program, a big one, not more half and quarter measures.

[ClarkUSA]

21. Extending UI & payroll tax cuts are inclusive of those who have recently lost or need jobs.

President Obama is going to recommend spending on infrastructure in his address (he hinted as much in Detroit yesterday).

[MadHound]

24. Again, this was touted as a jobs program,

Yet over half of it is taken up by tax cuts and UI extension.

So we're left with a 130 billion dollar jobs program?

So much for going big.

[ClarkUSA]

25. You're begrudging needy Americans UI extensions and those who recently lost jobs a payroll tax cut?

What "big" plan has a chance of passing the Teabagger House? It's easy to demand things in a plan when you don't have any responsibility for passing it through the Teabagger House.

[boppers]

26. Low skilled work, without training, only one job allowed per household?

WPA had its flaws, the biggest of which (In my opinion) is that it took trained professionals and put them to work digging ditches at subsistence wages. Of course, if your husband or teenager had a job (even just flipping burgers at McDonalds), you weren't supposed to be eligible for a WPA job anyways.

[MadHound]

27. Oh no, trained professionals digging ditches

The horror!

Well hey, it's not like trained professionals aren't out there digging ditches, or flipping burgers right now. Ask anyone of the millions of teachers, and other trained professionals who've had to take McJobs just to make ends meet.

When you've been out of work for awhile, any job is welcome.

[boppers]

31. Well, if it's to the point of McJobs, I can see a need for it....

Seems like a terrible waste of talent, skill, and training, though, especially for fields where two years of work outside of the field can set a person back horribly career-wise.... but no job for two years can be worse than no job "in the field".

[geek tragedy]

19. Lame--no chance of passage, and woefully inadequate even if it did. nt

[ClarkUSA]

22. What Democratic plan has a chance of passage thru the Teabagger House?

[jefferson_dem]

23. MORE: Existing Tax Cut Is Seen as Best Hope for Obama Jobs Plan (NYT)

Existing Tax Cut Is Seen as Best Hope for Obama Jobs Plan

http://www.nytimes.com/2011/09/07/us/politics/07obama.html?_r=1&partner=rss&emc=rss

[Warren Stupidity]

28. We are in about a 1T economic activity deficit. 300B aint nearly enough.

The stimulus is winding down, the private sector is entering a second recession, and the loons in the state loonislatures are sacking government workers as fast as they can. 300B isn't anywhere near enough to pick up the slack, and that sum is going to be dwarfed by the IDIOTIC AUSTERITY CUTS the national loonislature has signed up for.

We are volunteering for a second phase of the great recession. Why the fuck are we doing that?

[FrenchieCat]

29. After he receives my letter, I'm sure there will be some changes!

:hide:

[frazzled]

30. The direct aid to states is key

All the unemployment in recent months is coming from the public sector, with states--both Democratic and Republican--cutting jobs to get their massive deficits under control. Direct aid will allow them to retain/rehire those jobs. Good move. Wish it could be more.