The Presidents has a Job Plan
Godfather.
Posts: 12,504
I like it.....did I say I aprove of his Idea's ??? :shock: if he keeps this up and makes it happen I might vote for him 
......oh Lord someone wake me up !
White House: Highlights of Obama's planBy the CNN Wire StaffSeptember 8, 2011 9:13 p.m. EDT
(CNN) -- Here is the text of an overview of the American Jobs Act released Thursday night by the White House:
1. Tax Cuts to Help America's Small Businesses Hire and Grow
-- Cutting the payroll tax in half for 98% of businesses: The president's plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98% of firms that have payroll below this threshold.
-- A complete payroll tax holiday for added workers or increased wages: The president's plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).
-- Extending 100% expensing into 2012: This continues an effective incentive for new investment.
-- Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.
2. Putting Workers Back on the Job While Rebuilding and Modernizing America
-- A "Returning Heroes" tax credit for hiring veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.
-- Preventing up to 280,000 teacher layoffs, while keeping cops and firefighters on the job.
-- Modernizing at least 35,000 public schools across the country, supporting new science labs, Internet-ready classrooms and renovations at schools across the country, in rural and urban areas.
-- Immediate investments in infrastructure and a bipartisan National Infrastructure Bank, modernizing our roads, rail, airports and waterways while putting hundreds of thousands of workers back on the job.
-- A New "Project Rebuild," which will put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations.
-- Expanding access to high-speed wireless as part of a plan for freeing up the nation's spectrum.
3. Pathways Back to Work for Americans Looking for Jobs
-- The most innovative reform to the unemployment insurance program in 40 years: As part of an extension of unemployment insurance to prevent 5 million Americans looking for work from losing their benefits, the president's plan includes innovative work-based reforms to prevent layoffs and give states greater flexibility to use UI funds to best support job-seekers, including:
** Work-Sharing: UI for workers whose employers choose work-sharing over layoffs.
** A new "Bridge to Work" program: The plan builds on and improves innovative state programs where those displaced take temporary, voluntary work or pursue on-the-job training.
** Innovative entrepreneurship and wage insurance programs: States will also be empowered to implement wage insurance to help reemploy older workers and programs that make it easier for unemployed workers to start their own businesses.
-- A $4,000 tax credit to employers for hiring long-term unemployed workers.
-- Prohibiting employers from discriminating against unemployed workers when hiring.
-- Expanding job opportunities for low-income youth and adults through a fund for successful approaches for subsidized employment, innovative training programs and summer/year-round jobs for youth.
4. Tax Relief for Every American Worker and Family
-- Cutting payroll taxes in half for 160 million workers next year: The President's plan will expand the payroll tax cut passed last year to cut workers payroll taxes in half in 2012 -- providing a $1,500 tax cut to the typical American family, without negatively impacting the Social Security Trust Fund.
-- Allowing more Americans to refinance their mortgages at today's near 4 percent interest rates, which can put more than $2,000 a year in a family's pocket.
5. Fully Paid for as Part of the President's Long-Term Deficit Reduction Plan
-- To ensure that the American Jobs Act is fully paid for, the president will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. The president will, in the coming days, release a detailed plan that will show how we can do that while achieving the additional deficit reduction necessary to meet the president's broader goal of stabilizing our debt as a share of the economy
......oh Lord someone wake me up !White House: Highlights of Obama's planBy the CNN Wire StaffSeptember 8, 2011 9:13 p.m. EDT
(CNN) -- Here is the text of an overview of the American Jobs Act released Thursday night by the White House:
1. Tax Cuts to Help America's Small Businesses Hire and Grow
-- Cutting the payroll tax in half for 98% of businesses: The president's plan will cut in half the taxes paid by businesses on their first $5 million in payroll, targeting the benefit to the 98% of firms that have payroll below this threshold.
-- A complete payroll tax holiday for added workers or increased wages: The president's plan will completely eliminate payroll taxes for firms that increase their payroll by adding new workers or increasing the wages of their current worker (the benefit is capped at the first $50 million in payroll increases).
-- Extending 100% expensing into 2012: This continues an effective incentive for new investment.
-- Reforms and regulatory reductions to help entrepreneurs and small businesses access capital.
2. Putting Workers Back on the Job While Rebuilding and Modernizing America
-- A "Returning Heroes" tax credit for hiring veterans: This provides tax credits from $5,600 to $9,600 to encourage the hiring of unemployed veterans.
-- Preventing up to 280,000 teacher layoffs, while keeping cops and firefighters on the job.
-- Modernizing at least 35,000 public schools across the country, supporting new science labs, Internet-ready classrooms and renovations at schools across the country, in rural and urban areas.
-- Immediate investments in infrastructure and a bipartisan National Infrastructure Bank, modernizing our roads, rail, airports and waterways while putting hundreds of thousands of workers back on the job.
-- A New "Project Rebuild," which will put people to work rehabilitating homes, businesses and communities, leveraging private capital and scaling land banks and other public-private collaborations.
-- Expanding access to high-speed wireless as part of a plan for freeing up the nation's spectrum.
3. Pathways Back to Work for Americans Looking for Jobs
-- The most innovative reform to the unemployment insurance program in 40 years: As part of an extension of unemployment insurance to prevent 5 million Americans looking for work from losing their benefits, the president's plan includes innovative work-based reforms to prevent layoffs and give states greater flexibility to use UI funds to best support job-seekers, including:
** Work-Sharing: UI for workers whose employers choose work-sharing over layoffs.
** A new "Bridge to Work" program: The plan builds on and improves innovative state programs where those displaced take temporary, voluntary work or pursue on-the-job training.
** Innovative entrepreneurship and wage insurance programs: States will also be empowered to implement wage insurance to help reemploy older workers and programs that make it easier for unemployed workers to start their own businesses.
-- A $4,000 tax credit to employers for hiring long-term unemployed workers.
-- Prohibiting employers from discriminating against unemployed workers when hiring.
-- Expanding job opportunities for low-income youth and adults through a fund for successful approaches for subsidized employment, innovative training programs and summer/year-round jobs for youth.
4. Tax Relief for Every American Worker and Family
-- Cutting payroll taxes in half for 160 million workers next year: The President's plan will expand the payroll tax cut passed last year to cut workers payroll taxes in half in 2012 -- providing a $1,500 tax cut to the typical American family, without negatively impacting the Social Security Trust Fund.
-- Allowing more Americans to refinance their mortgages at today's near 4 percent interest rates, which can put more than $2,000 a year in a family's pocket.
5. Fully Paid for as Part of the President's Long-Term Deficit Reduction Plan
-- To ensure that the American Jobs Act is fully paid for, the president will call on the Joint Committee to come up with additional deficit reduction necessary to pay for the Act and still meet its deficit target. The president will, in the coming days, release a detailed plan that will show how we can do that while achieving the additional deficit reduction necessary to meet the president's broader goal of stabilizing our debt as a share of the economy
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why would any republican vote for it?
if it increases/creates jobs then it makes obama look good and like a leader.
the entire gop campaign to this point is on failure of leadership and president of bad ideas...
they have been tearing him down for 3 years now, why give him any sort of a victory at all?
"Well, you tell him that I don't talk to suckas."
Godfather.
i read that krugman is calling it too small of an investment. he called it a "band-aid"...
"Well, you tell him that I don't talk to suckas."
but anyway I hope it works out.
Godfather.
http://www.cnn.com/2011/POLITICS/09/09/ ... .congress/
Guess who says Congress shouldn't pass it: Bachmann.
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
Bachmann
Godfather.
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
Godfather.
because they are supposed to be about helping the countries people not their own parties electorial channces
oh thats right their politicians
"Well, you tell him that I don't talk to suckas."
"Well, you tell him that I don't talk to suckas."
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
Yep, but saying it is one thing....
I'll wait and see. Some very good things in there though. But, didnt we do this dance before?
keep your fingers crossed !
Godfather.
they are going to be out there with their palms open just like everyone else...
"Well, you tell him that I don't talk to suckas."
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
I think this is being handled in a different way however...According to President Obama, it will be paid for...if that is the case, there isn't much to say. It is doing this through tax cuts to people and business tax incentives...seems like conservatives have got what they wanted... If it is truly going to be pay as you go with this thing, and that it will be paid for, and they will be making the promised changes to social security and medicaid, why would they complain about it?
it isn't typical borrow and spend. I actually liked a lot of the tax incentives...it isn't simply the government trying to create jobs, it is the government allowing and incentivising(?) private business to hire and sustain work here in America, those jobs last,
Certainly isn't a typical borrow/spend bill, wouldn't you say?
I do, however, have a sneaking suspicion this will come with a tax increase on the "millionaires and billionaires"...hopefully I am wrong...I am very interested to see the details
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
I think this is definitely going to happen. He seemed to say about as much in his speech.
"Well, you tell him that I don't talk to suckas."
nope, i believe that goes to monica
But he is kind of hanging the super committee out to dry on this...I am wondering if they probably weren't going to be able to agree on 1.5 trillion in cuts, that he thinks they will agree on 477 billion...seems unlikely, but then he can say "I tried"
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
One or both of the following will pay for it, they will either borrow more money from China or print more.
Ah the "Super Committee/Congress", anyone know where in the Constitution that it says this group is allowed?
I'll save everyone the trouble. It doesn't. This is a dangerous path.
you are absolutely right. There is no need for this...
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
so what do we do? we cut contributions this year, and now we are looking to expand them next year, yet they claim social security is going to be un touched. ok buddy.
credits for hiring vets......so we will pay you upwards of 10K to hire a vet. fuckin A great... just means that guy that has been unemployed for 2 years is going to stay unemployed. brilliant.
House Republicans oppose Obama's method to pay for jobs plan
Washington (CNN) -- President Barack Obama said Monday his $447 billion jobs plan is a common-sense approach needed right away, but House Republican leaders said they opposed Obama's intention to pay for it by ending tax relief for corporations and the wealthy.
In a message accompanying the legislation he sent to Congress on Monday afternoon, Obama said his proposal "is fully paid for."
"The legislation includes specific offsets to close corporate tax loopholes and asks the wealthiest Americans to pay their fair share that more than cover the cost of the jobs measures," Obama's message said.
In addition, he said, the package increases the target figure of a special joint congressional committee working on deficit reduction by the amount his plan would cost. If the committee reaches the higher target in deficit-reduction measures, then the offsets in his legislation that cover the cost of the plan would be unnecessary and therefore eliminated.
However, House Speaker John Boehner's spokesman said the White House's proposal on how to pay for the measure was unacceptable.
"It would be fair to say this tax increase on job creators is the kind of proposal both parties have opposed in the past," Michael Steel said in a written statement.
House Majority Leader Eric Cantor echoed that stance, telling reporters: "I sure hope that the president is not suggesting that we pay for his proposals with a massive tax increase at the end of 2012 on the job creators that we're actually counting on to reduce unemployment."
The Obama plan is part of the president's effort to resurrect a comprehensive deficit reduction deal with Republicans that would include reforms of the tax code and entitlement programs such as Social Security, Medicare and Medicaid to accompany government spending cuts.
With $900 billion in spending cuts already enacted, the special joint deficit committee created under last month's debt ceiling agreement has started work on finding another $1.5 trillion in deficit reduction steps that Congress can pass by the end of the year.
In the meantime, Obama is pushing his jobs plan as a package of immediate steps that can spur economic growth and job creation.
"This is a bill that will put people back to work all across the country," Obama told a crowd of teachers, veterans, small-business owners and others at the White House. "This is a bill that will help our economy in a moment of national crisis. This is a bill that is based on ideas from both Democrats and Republicans, and this is the bill that Congress needs to pass."
With his poll numbers down as his campaign for re-election next year is beginning, Obama noted that "there are some in Washington who would rather settle our differences through politics and the elections than try to resolve them now."
But the "fact of the matter is the next election is 14 months away -- the American people don't have the luxury of waiting 14 months for Congress to take action," the president said.
Obama made his pitch in the Rose Garden hours before sending the legislation to Capitol Hill, where it received a polite but mixed reception.
Boehner, R-Ohio, released a statement immediately after Obama's remarks, promising prompt consideration of the proposal. At the same time, however, Boehner took a swipe at the 2009 economic stimulus plan backed by the administration.
"The record of the economic proposals enacted during the last Congress necessitates careful examination of the president's latest plan as well as consideration of alternative measures that may more effectively support private-sector job creation," Boehner said. "It is my hope that we will be able to work together to put in place the best ideas of both parties and help put Americans back to work."
Obama has been touting the virtue of his plan on the road, stopping in Virginia last Friday and heading to Ohio and North Carolina later this week.
Among other things, Obama's plan would extend and expand the current payroll tax cut -- a proposal estimated to reduce revenues by $240 billion.
The current cut, which has cost $112 billion so far, allows employees to pay 4.2% instead of 6.2% on their first $106,800 of wages into Social Security. Obama wants to continue the break -- now set to expire at the end of the year -- while reducing employee contributions further, to 3.1%.
At the same time, the president wants to halve the payroll tax that businesses pay -- to 3.1% -- on the first $5 million in wages.
Obama's proposal also includes a new $49 billion extension of unemployment benefits, which were lengthened to the current 99-week maximum in 2009. Top Democrats argue that that money would immediately be pumped back into the economy in the form of new consumer spending.
Nearly 43% of America's unemployed have now been out of work for more than six months.
In addition, the plan proposes $60 billion for infrastructure development such as repairing roads and bridges, including the establishment of an infrastructure bank to help finance such projects.
It is unclear whether the American Jobs Act -- consisting largely of targeted tax cuts, infrastructure spending and new job training assistance -- can win over enough skeptical congressional Republicans, particularly in light of Obama's falling approval ratings and the looming presidential campaign.
Cantor, R-Virginia, made clear he opposed new infrastructure spending and some other aspects of the Obama plan.
"Anything that is akin to the stimulus bill is not going to be acceptable to the American people," Cantor said, arguing that the 2009 stimulus that aimed money at boosting public sector jobs didn't work. Instead, the GOP wants to target aid to small businesses, he said.
"The fact is we don't have the money and we've got to prioritize, and right now it's about getting people back to work," Cantor said.
Cantor cited tax credits for employers, reforming aid for the jobless, and passage of the three pending trade deals as areas of possible bipartisan agreement. While he agreed that infrastructure projects were worthy of focus, he said Congress should not be adding new money, but instead streamlining the process for getting current resources to state and local governments.
"I do not think the president's all-or-nothing approach is something that is constructive," Cantor said, adding, "let's not allow the things his bill that we disagree with to get in the way of producing some results."
Other provisions in the president's proposal include $25 billion to refurbish schools, $35 billion to avoid layoffs among teachers and first responders, and tax incentives for small businesses to hire the long-term unemployed.
Under the Obama plan, businesses could receive a tax credit of up to $4,000 for hiring workers who have been out of a job for more than six months.
To pay for the bill, new limits would be set on tax exemptions and itemized deductions for families making more than $250,000 annually. So-called "carried interest" for investment fund managers would be taxed as ordinary income, as opposed to the lower capital gains rate.
Additionally, a series of oil and gas industry tax loopholes would be closed, and depreciation rules would be changed for corporate jet owners.
The total value of the changes, according to White House Office of Management and Budget Director Jack Lew, would be $467 billion -- approximately $20 billion more than the total cost of the plan.
The special congressional deficit committee has until November 23 to approve more than $1.5 trillion in new deficit reduction steps, and Congress would then have to pass the plan -- unamended -- by December 23. If that doesn't happen, more than $1 trillion in automatic across-the-board spending cuts would go into effect, including funding for the military, under a so-called trigger mechanism intended to motivate legislators to reach a deal.
"Becoming a Bruce fan is like hitting puberty as a musical fan. It's inevitable." - dcfaithful
So, a household making > $250,000 per year is "rich" huh?
Obama is a joke.
anybody that can't live comfortably at that level is a joke.
I agree with you, however, 250,000 for a family doesn't really seem to correspond with the constantly thrown around "Millionaires and Billionaires"
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
CNBC.com | September 13, 2011 | 10:51 AM EDT
Barack Obama's jobs plan may be one of the worst policy proposals I've ever seen.
As I pointed out last week, the plan to "pay for" the jobs proposal with tax hikes is just lunacy. It eliminates every bit of stimulus effect that could possibly come from additional government spending.
Over at Zero Hedge, John Poehling has run the numbers on the American Jobs Act (AJA).
Even if you take very optimistic figures, the jobs bill turns out to be unbelievably costly.
For those eager to put some math to the rhetoric coming from the White House over the president's jobs creation plan, and that should be everyone, here is a quick and dirty estimate based on the numbers being thrown around of a 2 percent GDP increase in year 1 and 1.9 million jobs created or saved...most saved, as in those you can't really quantify. Said otherwise, roughly a $300 billion increase in GDP yields 1.9 million jobs. So far so good.
Now since the president is proposing to pay for the program over 10 years, let's assume the $475 billion in direct expenses is financed for 10 years at 2.5 percent which adds roughly $120 billion to the total cost of the program. In other words, as the calculations detailed and show below elaborate, the overall AJA plan will cost $250,000 per job created (excluding the interest expense) and $312,500 per union job created (including interest). And that's how much it costs for Obama to purchase one vote...created or saved. Keynesian efficiency strikes like a Swiss watch yet again.
So that's $250,000 per job, before interest expense.
Wouldn't it be better just to have a free national lottery and mail $200,000 checks to a lucky 1.9 million people.