How Not to Create Jobs
With unemployment at a 26-year-high, “jobs” have now replaced “home ownership” as the statistical benchmark by which politicians are measured. The president mentioned “jobs” more than 20 times during the State of the Union, and elected officials from both parties are readying a battery of proposals from cutting taxes to expanding TARP all designed to spur hiring.
One of the most frightening comes from Rep. Dennis J. Kucinich (D., Ohio). Kucinich’s scheme involves temporarily reducing the age to receive Social Security from 62 to 60, which would let an estimated four million people leave their jobs and begin collecting early benefits. Younger workers who are currently unemployed would then be able to take those jobs.