Wednesday, September 28, 2011

Economists Say Obama Jobs Bill Will Prevent Another Recession

September 28, 2011
By Wendy Gittleson

Search our site!
Historical Info

israel-palestineIt's Time For Israel To Move Forward, Again
class-warfare-fromFacts About Class, Poverty And Downward Mobility
George H.W. Buas, Ross Perot, Bill ClintonPresidential Debate Nostalgia
soldierWelfare or Warfare?
BFD57FD4An American Vision: What I Would Do If I Ever Became President
hpv1 Batsh#t Alert: Bachmann says she would 'eliminate all taxes'
26EVERY.190The Myth That '51% of Our Nation Pays No Federal Tax'
death-penaltyJustice for All?
death-penalty1The Party of Death
bill-o-reilly-salaryBill O'Reilly- Tide Goes Out

Political Humor

Charlie Baker, Chris ChristieChris Christie: The Man Who Sits Across from Skinny
wall streetThe Yes Men Appear At The Wall Street Occupation And Lend Their Support
Republican hopefuls stand onstage prior to the Republican Party of Florida presidential candidates debate in OrlandoPolitics 2012: The Nine Stooges?
booWho Or What Will The Tea Party Audience Boo During The Next GOP Debate?
cain-pizzaHerman Cain's Nein! Nein! Nein! Plan
perry-romneyMitt Romney: Too Much for Rick Perry, Concerning to President Obama?
MITT-ROMNEY-JOBS-PLAN-largeMitt Romney Says He's 'One Of The Middle-Class' At Townhall
glen-rice-sarah-palin-310x186Drill Brother Drill: Sarah Palin’s Chocolate Rice
bill-o-reilly-salaryBill O'Reilly- Tide Goes Out
Santorum Gets Huffy About His Google Problem'

Follow our Tweets!

The Left needs to snap out of their dreams of compromise and realize that they are not dealing with normal... 58 minutes ago
@JohnFugelsang They only call it "class warfare" when we fight back against the super rich, even though THEY started this war.Tweeted 1 hour ago
If you don't like how the NYPD is treating #occupywallstreet protesters then post this on your wall! 1 hour ago
Now they're applauding firing thousands of Government workers. They just don't stop. Why can't people wake up and... 2 hours ago
Besides BLOCKING jobs bills these are just SOME of the things Republicans have done INSTEAD of creating jobs (like... 4 hours ago
In a joint session of Congress, President Obama presented a jobs plan, which he believes will jump start the... 5 hours ago
Rush Limbaugh said that "compassion" is the most disastrous word. If anyone ever needed proof that Rush Limbaugh... 6 hours ago
The idea of the American dream is one of the most successful pieces of propaganda ever perpetuated. If we believe... 7 hours ago
"Like" or RT if you agree. "Share" and post it on your wall. 7 hours ago
RT @JohnFugelsang I cant believe Chris Christie is passing up a chance to be the Presidential candidate the tea party likes for 2 weeks.Tweeted 8 hours ago

Economists Say Obama Jobs Bill Will Prevent Another Recession
September 28, 2011
By Wendy Gittleson

In a joint session of Congress earlier this month, President Obama presented a jobs plan, which he believes will jump start the economy and help prevent another recession. Republicans have been, shall we say, less than receptive.

House Speaker, John Boehner (R-Ohio), criticized the President’s $447 billion jobs plan, saying it “inhibits the efficient flow of capital,” He also said he would object to all revenue, including an increase on the 15% capital gains tax and letting the Bush Tax Cuts expire.

Of course, Boehner isn’t the only Republican criticizing the plan.

Rep. Paul Ryan (R-Wis): “I don’t know if there’s anything positive in this plan.”

[...] [etc, etc, etc]

Obviously, I could go on for a while. Does it really surprise anyone that the Party of No objects to something the President proposes? Despite the right-wing negative PR blitz, the public is a bit warmer on the jobs plan.

Economists think it will help avoid a double dip recession. According to Bloomberg News:

President Barack Obama’s $447 billion jobs plan would help avoid a return to recession by maintaining growth and pushing down the unemployment rate next year, according to economists surveyed by Bloomberg News.

The legislation, submitted to Congress this month, would increase gross domestic product by 0.6 percent next year and add or keep 275,000 workers on payrolls, the median estimates in the survey of 34 economists showed. The program would also lower the jobless rate by 0.2 percentage point in 2012, economists said.

Economists in the survey are less optimistic than Treasury Secretary Timothy F. Geithner, who has cited estimates for a 1.5 percent boost to gross domestic product. Even so, the program may bolster Obama’s re-election prospects by lowering a jobless rate that has stayed near 9 percent or more since April 2009.

The plan “prevents a contraction of the economy in the first quarter” of next year, said John Herrmann, a senior fixed-income strategist at State Street Global Markets LLC in Boston, who participated in the survey. “It leads to more retention of workers than net new hires.”

In the meantime, Senate Majority Leader, Harry Reid (D-Nev.) has other plans. Before tackling the jobs bill, the Senate will vote on a bill that would crack down on China’s currency manipulation with the intent of helping to even the playing field between American and Chinese companies. The Obama administration is against it.


No comments:

Post a Comment