President Obama is proposing a $100 Billion Research tax credit. The problem is this won't create jobs.
President Barack Obama, focusing on ways to spur economic growth with less than two months to the congressional elections, will urge Congress to permanently extend and expand a research and development tax credit for businesses.
Obama will detail the plan, which would cost about $100 billion over a decade, in an economic speech Sept. 8 in Cleveland, according to two administration officials speaking on condition of anonymity.
Once again, it is manufacturing of scale that is needed. That means curtailing offshore outsourcing, confronting China on their currency manipulation, modifying trade policy and offering tax incentives with strict conditions enforced, that companies manufacture in the United States.
R&D is all well and good. I am in R&D so a tax credit is especially nice for me. But hiring a few researchers in the U.S. is simply not going to generate 7 million jobs, especially when the results of that research, production, will be offshore outsourced to China and India.
Even more absurd, the current political spin is the Stimulus didn't work. Of course it didn't, because there were no requirements to hire America and buy American. But just because the policy was wrongly implemented by Democrats doesn't mean Republicans won't drive the country further into the ground.
All refuse to do the right and obvious things because their corporate lobbyist masters won't allow it.