Obama cites income gap to push stalled jobs bill

[TomCADem]

Source: Associated Press

President Barack Obama on Saturday used a new report on the income gap between the richest Americans and everyone else to continue pushing for passage of his stalled $447 billion jobs bill.

A report this week by the Congressional Budget Office found that average after-tax income for the top 1 percent of U.S. households had increased by 275 percent over the past three decades while middle-income households saw just a 40 percent increase in their post-tax income. Those at the bottom of the economic scale saw their income grow by a mere 18 percent.

Obama said Saturday in his weekly radio and Internet address that he would pay for his jobs plan with an added tax on people who make at least $1 million a year. But Senate Republicans blocked action on the bill, a blend of tax breaks for businesses and public works spending, because they oppose much of the increased spending and the surtax on millionaires.

* * *
In the weekly GOP message, Illinois Rep. Bobby Schilling urged Obama to support the "forgotten 15" — measures that Schilling's party says would help create jobs by blocking various energy and environmental regulations and streamlining administrative procedures. The bills, passed by the Republican-controlled House, await action in the Democratic-run Senate.


Read more: http://today.msnbc.msn.com/id/45086577/ns/today-today_news/t/obama-cites-income-gap-push-stalled-jobs-bill/

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President Obama is pushing a jobs bill that could save the jobs of hundreds of thousands of teachers and apply billions toward infrastructure. Republicans respond by demanding cuts in environmental regulations and additional tax breaks to the rich and oil companies who are announcing record profits even in the midst of a recession.

Still, I think the corporate media has been very effective in convincing the American people that what is good for oil companies and the rich is good for America. Indeed, the American Petroleum Institute commissioned a study showing that its stocks are widely held in pension funds to make its argument that taxes on oil companies actually hurt the middle class:

http://www.ogj.com/articles/2011/10/api-commissioned-study-finds-broad-pension-ownership-in-us-industry.html

Personally, I think most people would prefer to have direct benefits and teacher and construction jobs, rather than extending tax benefits to oil companies.

[BumRushDaShow]

1. A shame

that my rec still results in a "0". Seems some folks on DU don't want any jobs bills. :crazy:

[hfojvt]

2. I just find that to be ironic

considering that Obama's payroll tax - a big part of his jobs bill would INCREASE inequality by giving much bigger tax breaks to the rich than it does to the poor. The top 10% gets more than twice as much as the bottom 40%. And the business tax breaks are tilted upwards even more. http://journals.democraticunderground.com/hfojvt/160

Edit: Of the $173 billion in payroll tax cuts, $5.2 billion goes to the top 1% only $6.6 billion goes to the bottom 20%. $19.3 billion goes to the top 4% (meaning the top 5% excluding the top 1%)
$75 billion goes to the top 19%
$47 billion goes to the bottom 60%

$80 billion for the top 20%
$47 billion for the bottom 60%
$46 billion for the upper-middle 20%

[russspeakeasy]

3. I'm glad he found out about it...the disparity that is.

[Marazinia]

4. Pocket Change

Too little, too late, no one has any faith in you anymore. Of course, when you get defeated in 2012, the right wing spin doctors will crow about how America is fed up with the leftists and is embracing conservative, pro-corporate policymakers.

But anyone who can think for themselves will know the real reason. Obama has betrayed us all.

[Auntie Bush]

5. Go home! Don't let the door..........

[Marazinia]

8. *scratches head in puzzlement*

mmkay. Should I assume my refusal to support a President I find to be every bit as worthless as GW Bush has offended you?

[truthisfreedom]

6. Wow. 33 posts? There's no choice but Obama. He's done pretty well under the circumstances.

Some of his choices have been poor, some great.

[Marazinia]

7. No he hasn't

He's mostly done what Bush would have done.

[red dog 1]

9. K & R

[red dog 1]

10. He's Done Pretty Well Under the Circumstances? What Choices Have Been Great?