Well, the first of the Credit Ratings Companies has stepped in with basically an AAA rating…
My only real complaint about the speech is WTF is it proposed to spend $140 Billion in putting construction workers to work?
Seems to me that money would be better spent on putting unemployed college grads back to work on something like the Kennedy Space Program, which drove economic growth in the world based on technological advances for 40 years.
President Barack Obama’s $447 billion job-creation plan would likely add 1.9 million payroll jobs and grow the U.S. economy 2 percent, a leading economist said.
The plan, which Obama outlined before a joint session of Congress Thursday, would likely cut the unemployment rate by a percentage point, Moody’s Analytics Chief Economist Mark Zandi said as Obama prepared to tout the plan at Virginia’s University of Richmond.
Obama is scheduled to speak at the university’s 9,000-seat Robins Center arena, home to the university’s Spiders basketball, at 11:35 a.m. EDT, the White House said.
House Majority Leader Eric Cantor, R-Va. — who criticized the tone of Obama’s Thursday address but told CNBC he applauded some proposals, including “business tax relief, reducing red tape, working to try and streamline the infrastructure spending in this country” — will be in Richmond Friday holding his own jobs event.
More than half of Obama’s proposal consists of payroll-tax cuts for employees and employers — an idea the White House said it hoped would appeal to Republican lawmakers.
Advisers told The Washington Post Obama would blame Republicans for the jobs crisis if they don’t accept his proposal.
The proposal would cut in half the employers’ payroll tax for businesses’ first $5 million of wages. Businesses adding new workers or increasing wages up to $50 million would have payroll taxes completely eliminated.
The plan would expand the payroll tax cut passed last year to cut workers’ payroll taxes in half in 2012 — a tax cut of $1,500 to the typical family earning $50,000 a year. This would not hurt Social Security funding, Obama said.
The plan further calls for more than $62 billion in spending to extend unemployment insurance benefits through 2012 and let people unemployed for six months or more work for up to eight weeks while also receiving unemployment benefits.
About 14 million Americans are unemployed and the jobless rate, currently 9.1 percent, is widely expected to be above 8 percent in late 2012.
Obama also proposed $140 billion in infrastructure spending and aid to states — including cash for hiring teachers and refurbishing schools — as well as a $10 billion infrastructure bank and $50 billion for transportation projects.
White House officials said the proposed plan, known as the American Jobs Act, was deliberately constructed from policies that previously won bipartisan support.
“The purpose of the American Jobs Act is simple — to put more people back to work and more money in the pockets of those who are working,” Obama said in his 32-minute speech.
“It will create more jobs for construction workers, more jobs for teachers, more jobs for veterans and more jobs for long-term unemployed,” he said.