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Obama Jobs Bill Too little too late

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September 12, 2011 – Comments (11)

Obama had his chance. He had it in 2010 when we had control over both houses.  He should have concentrated on jobs creation THEN. Instead he waits until near the end of his THIRD year to concentrate on jobs creation?  I swear I do not want to hear him do his gospel preaching routine on "pass this bill now" any more.  I lost count during his just recent Rose Garden campaign speech.

While considering tax deductions for small businesses is worth considering, it still won't create DEMAND which is what companies really need.  Throwing billions this year to local governments to rehire teachers might work for THIS year, but then what about the following years when these localities will only have to let them go again.

His window of opportunity for "infrastructure" jobs has passed.  If he took the gutsy road in 2010 and submitted a 2 trillion dollar stimulus act where at least $1 trillion was earmarked for legitimate infrastruture rebuilding (which this country really does need) those jobs would be coming on line just about now.  Instead he wasted one year on a healthcare bill that most people really don't want, and then a second year on shutting down jobs in the gulf and tying banks hands with onerous regulation.

And as an aside rant since I don't want to be like Alstry and do multiple blogs,  just let Greece default already and boot them out of the Eurozone.  I am tired about reading how this puny corrupt country is the cause for the world's economic woes.  When they realize that they are on their own they might start getting their house in order instead of its people expecting to be able to retire at 50 with full salary and medical benefits without the need to pay taxes.

11 Comments – Post Your Own

#1) On September 12, 2011 at 12:05 PM, eddietheinvestor (< 20) wrote:

President Obama's stimulus bill for almost 800 billion passed before.  Why didn't that bill cover the infrastructure?  I would like to see an audit of where that money went to and how many jobs were created and how many bridges were built, etc.  It is troubling that Obama's new billl was created without any input from Republicans (Boehner and Cantor asked to discuss the bill with him, but he refused), particularly since he is now demanding they pass the bill, which they still haven't seen.  I would like to see bills that are created through bipartisan support and compromise, including ideas from both liberals and conservatives.

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#2) On September 12, 2011 at 12:07 PM, L0RDZ (78.28) wrote:

Don't get me started on Obama...

How do you like all this smoke and chains...

Where you really expecting hope & change ?

Just wait till you see exactly where some of that money will go...   the economy might have been stimulated better had he simply given money out to perverts to go to the local strip clubs and  other sexual providers.

Now he wants your vote for another 4 years or how many days until 2012 comes and  who knows what happens than.

Soon everyone will be offerin services for simply some gasoline.

 

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#3) On September 12, 2011 at 12:21 PM, pbk100 (29.79) wrote:

Eddie,

The original bill didn't cover much in the way of infrastructure because a substantial chunk of that $800b was tax cuts, aimed at stimulating demand, and another large chunk was support to states (who can't borrow to fill their diminished revenue).

Perhaps a good place to start would be here:

http://www.recovery.gov/Transparency/fundingoverview/Pages/fundingbreakdown.aspx

 

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#4) On September 12, 2011 at 12:33 PM, edwjm (99.88) wrote:

Things will get worse before they get better.

Much worse!

The various controversial idiologies referenced in this post and its comments are the reasons nothing will get done and things will get worse. 

There is no effort to find common ground in congress, just bashing, name-calling, political posturing and propaganda.

The purpose of this site is investment advice.  SELL !!

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#5) On September 12, 2011 at 12:37 PM, eddietheinvestor (< 20) wrote:

Thanks, pbk100.  I didn't know that.

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#6) On September 12, 2011 at 12:40 PM, SweetMircha (93.21) wrote:

The only way to increase job growth is to give incentives to companies to start producing, building products right here in USA & Canada (I'm Canadian), at very competitive prices and great quality so that we can stop the importation of products from China & their likes. Build at home and buy from home made companies. We need to return to our country's roots in the present economy stimulus. Build american and buy American.  It goes for both our countries, USA & Canada.

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#7) On September 12, 2011 at 1:49 PM, davejh23 (< 20) wrote:

"The original bill didn't cover much in the way of infrastructure because a substantial chunk of that $800b was tax cuts, aimed at stimulating demand, and another large chunk was support to states (who can't borrow to fill their diminished revenue)."

It sure seems like a lot of federal funds were spent on infrastructure in my area.  Every major road within 50 miles of me was under construction last summer.  Most were major projects with new sewer lines going in, at least half a dozen new bridges, etc...  I know some of the work was done by out-of-state contractors, but the work created hundreds of local jobs, all of which were temporary.

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#8) On September 12, 2011 at 1:55 PM, L0RDZ (78.28) wrote:

We've got to pass this bill to see what's in it ???

Can't they at least make up a silly name for the program

like

 

Operation

BLOW....

 

 

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#9) On September 12, 2011 at 7:08 PM, awallejr (76.71) wrote:

Thanks for the replies and edwjm I am probably going to say this for the first time on this site but I, a professed permabear, is now turning bearish.  I won't red thumb things since that is not my style but I am simply hiding in yield now, with some mining picks from sinch, adding only a little bit here and there.

I just don't see any robust growth for a long time.  Obama missed his real chance back in 2010 with a true stimulus package, but now the focus is on debt so it just ain't happening on the fiscal side.  The banks are getting crushed and you even have one branch of the government (Fannie/Freddie) wanting to further crush the banks.

It is quite possible that my proclamation of turning bearish could be viewed as a bullish sign for those contrarians out there.

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#10) On September 12, 2011 at 7:09 PM, awallejr (76.71) wrote:

umm, I am ;p

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#11) On September 12, 2011 at 7:31 PM, awallejr (76.71) wrote:

And umm, permabull.  Man I wish there was a 5 minute edit rule at least.

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