http://www.correntewire.com/the_obamas_job_act_an_analysisNot being able to stomach Obama's sudden interest in jobs, I passed on his speech to Congress and looked up the White House's fact sheet on his proposals. I rearranged them so that it was easier to see who gets what.
:snip:
The first thing you should notice about this jobs plan is that it is not a jobs plan. Only $140 billion (the infrastructure projects and the teacher and first responder rehires) of the $447 billion (31% of the package) relates directly to job creation.
Business, especially small businesses, get a near $70 billion windfall without actually having to commit to hire anybody or hire anybody that they wouldn't have hired anyway.
The $175 billion employee payroll tax cut sounds good but it is unclear how much of this will result in new spending. The previous payroll tax cut went to pay down debt and to pay for increases in gas and food prices. None of that creates jobs. It just went to the banks and the speculators, but I repeat myself.
It's also important to keep in mind that halving the payroll tax for both employers and employees is a way for Obama to justify future cuts to Social Security. By deliberately underfunding the program, he can then demand benefit cuts to bring funding back into line.
More at the link --
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