state of the union

Jobs Program Redux

Obama put forth some elements of a second jobs bill. With that, I strongly suggest all those who were disappointed, disgusted with the first Stimulus, start right now pushing for legislation we need.

Here are the main elements, laid out in the State of the Union Speech.

  • Take $30 billion of the [TARP] money Wall Street banks have repaid and use it to help community banks give small businesses the credit [Subsidized Small Business Loans].
  • Small Business tax credit - one that will go to over one million small businesses who hire new workers or raise wages
  • Eliminate all capital gains taxes on small business investment
  • Tax incentive for all businesses, large and small, to invest in new plants and equipment

What should be in Obama's State of the Union address, but isn't

My, my, my. Today we have a preview of President Obama's State of the Union address. What is most offensive is the claim this administration is trying to help the middle class.

We are being bombarded with these misleading headlines:

  • Obama announces initiatives for middle class
  • Obama announces economic aid for struggling middle class families

Right. So, guess what policy initiatives are in the speech? Tax cuts.

A doubling of the child care tax credit for families earning under $85,000; a $1.6 billion increase in federal funding for child care programs and a program to cap student loan payments at 10 percent of income above "a basic living allowance."

His initiatives also include expanding tax credits to match retirement savings and increasing aid for families taking care of elderly relatives. That program would also require many employers to provide the option of a workplace-based retirement savings plan.

Are these people shitting me? I'm sorry but we have massive unemployment. What a sorry ass excuse to help for the middle class. U.S. workers need jobs and they need good jobs now. Who cares about tax cuts! When your income is zero, what do tax cuts matter?

What should be in Obama's State of the Union Address?

How about these?

  1. Demand China float their currency. 83% of the non-oil trade deficit is due to China and their mercentile trade practices. It's pretty obvious too. China's GDP was 10.7% for Q4 2009. China holds the most U.S. treasuries. Meanwhile U.S. manufacturing shrank from about 15% of the economy to 12%.