The AP reports....
WASHINGTON (AP) - President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work.
Without giving a price tag, Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.
"We avoided the depression many feared," Obama said in a speech at the Brookings Institution, a Washington think tank. But, he added, "Our work is far from done."
WHAT? Tax break for small businesses. I can't wait to see that happen. I'm sorry but building bridges, repairing highways is NOT going to get our jobs back. I can see all the nerdy computer geeks out on the roads trying to repair the pot holes. Infrastructure my ass!
Obama included sharp criticism for Republicans in his speech, accusing them of opposing economic stimulus efforts and his health care overhaul while supporting tax cuts and spending that have ballooned the deficit.
He said that soon after taking office, he and congressional Democrats took "a series of difficult steps" to try to stabilize the financial system and pull the economy out of a deep recession.
"And we were forced to take those steps largely without the help of an opposition party which, unfortunately, after having presided over the decision-making that led to the crisis, decided to hand it to others to solve.
There goes the blame game again and how the Republicans refuse to do their part. That's a big pile of BS. Here is the best way to cut jobs. AOL news gives us 3 easy steps:
It might be a surprise to this White House team, but you don't have to be a celebrity CEO or hold a Ph.D. in economics to know how to create jobs. The many small-business owners who are members of American Solutions and who actually create jobs have given input and widespread support to the following three-step job-creation plan for the economy.
1. Reduce Spending and Replace Bad Government with Limited, Effective Government to Achieve a Balanced Budget
When Newt Gingrich was speaker of the House, federal spending rose by an average of 2.9 percent per year, the lowest increase since the 1920s. We need to apply the same principles that worked from 1995 to 1998 to create jobs and four straight balanced budgets: smaller government, less spending, lower interest rates and less debt. We also need, where necessary, to replace bad government with limited, effective government, like we did in the 1990s when we replaced a destructive welfare system.
2. Enact Five Key Tax Reforms to Reward Job Creation, Entrepreneurship, Savings and Investment
• Immediate Payroll Tax Relief. Enact an immediate, two-year, 50 percent reduction of the payroll tax, which would boost the take-home pay of every worker and dramatically free up cash for every employer to hire and invest. This tax relief could be paid for with unspent TARP and stimulus money.
• Incentives for Small-Business Investment. Allow small businesses to expense 100 percent of new equipment purchases each year to help them invest in new, more productive technologies.
• Zero Taxes on Capital Gains. Match the Chinese capital gains rate of zero. Former Fed Chairman Alan Greenspan testified in the 1990s that this was the best rate for economic growth.
• Reduced Tax Rate for Business. America has the second highest business tax rate in the world. We should match the Irish business tax rate of 12.5 percent. Combined with a zero capital gains tax rate, America would become the most desirable country in the world in which to invest and start a business.
• Elimination of the Death Tax. Inheritance is the most powerful accumulator of capital. Studies show that eliminating the death tax would create hundreds of thousands of new jobs.
3. Implement an American Energy Plan to Create American Jobs and Keep American Money at Home
Developing more domestic energy while protecting the environment would mean millions of new American jobs and billions in new federal tax dollars, largely without the need for any new federal spending. Unfortunately, the federal government maintains an effective embargo on new domestic oil, natural gas and oil shale development, and hasn't done enough to expand our nuclear power generation. A recovering economy depends on affordable domestic energy supplies.
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