John King@CNN: Obama "Jobs Plan" is 300 Billion in Taxcuts

[kenny blankenship]

My PRIMARY response, I mean my first response: ya gotta be fucking kidding!

Maybe that was Romney's plan and I just misheard him. I sure hope so.

[fascisthunter]

1. bankrupting america so the corporations have complete control

an anemic gov cannot protect the people from economic criminality.

[WillyT]

2. Please Let This Be Wrong...

I was having a momentary rebirth of hope.

:beer:

:smoke:

[spanone]

3. guess what mr king...Obama hasn't given his jobs plan yet.

[kenny blankenship]

9. Probably I misunderstood what he was saying

My CNN feed is skipping a lot. I was sure he said Obama's jobs plan was $300B in tax cuts, but now all he (and panel) are talking about is Romney and his plan.

[WillyT]

13. Nope... You Had It Right...

President Barack Obama plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts, infrastructure spending and direct aid to state and local governments.

Obama would call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional supercommittee charged with finding ways to reduce the nation’s debt.

Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers.

Obama is set to lay out his plans in a Sept. 8 address to Congress as unemployment remains at 9.1 percent more than two years after the recession’s official end. Payroll growth stalled last month.

From Bloomberg: http://www.bloomberg.com/news/2011-09-06/obama-said-to-plan-more-than-300-billion-for-jobs-to-boost-u-s-economy.html

:shrug:

:hi:

[StarsInHerHair]

27. back end financing only helps those with money, it DOES nothing to put money

into the hands of people who don't have the money to spend.

[spanone]

19. sounds more like that may be a component...but NOT 300 billion in tax cuts

i also heard earlier there was talk of middle class tax cuts

[Lasher]

28. I think the middle class tax cuts will be payroll tax cuts.

Just guessing. I am also guessing that free trade agreements with South Korea, Colombia, and Panama will be part of Obama's jobs proposal.

[demosincebirth]

4. He just might be trolling

[Parker CA]

5. Per the thread in GDP it's made up largely from...wait for it....TAX CUTS!! WTF!!?

[DJ13]

6. Lets see... 300 Billion in taxcuts, to be paid for by slashing what social programs?

This admin is a confused mess.

First they talk about sacrifices and cutting a trillion out of the budget, then they talk about throwing money away in taxcuts?

[Skittles]

15. gotta keep the wars and the tax cuts for the obscenely rich

this is a Democrat? I beg to differ.

[Bluebear]

7. That's not fair. He is also touting new free trade agreements

[ixion]

12. and don't forget patent reform

all of which will do exactly squat to create real jobs.

[ThomWV]

8. If his speech mentions so much as a dime of tax cuts he will peel off another 10% of his support.

if not more.

[Cali_Democrat]

10. According to Bloomberg, the plan is $300 billion and half of that would be tax cuts

It also specifies cuts to entitlements.

http://www.bloomberg.com/news/2011-09-06/obama-said-to-plan-more-than-300-billion-for-jobs-to-boost-u-s-economy.html

[DJ13]

16. It also specifies cuts to entitlements.

Let me get this straight......

A "jobs" program is going to CUT entitlements, forcing even more people onto the job market?

Are we sure they arent doing drugs in the WH?

[kenny blankenship]

18. Also, $300B scavenged from Peter and funneled to Paul is not a net stimulus.

Unless the original plan for that $300B was just to rake it up in a big pile and set it on fire, there is likely to be minimal positive effect on the economy.

[Hell Hath No Fury]

11. From another thread:

From Bloomberg News:


Obama Said to Plan More Than $300B Jobs Package
By Albert R. Hunt - Sep 6, 2011 6:03 PM ET

President Barack Obama plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts, infrastructure spending and direct aid to state and local governments.

Obama would call on Congress to offset the cost of the short-term jobs measures by raising tax revenue in later years. This would be part of a long-term deficit reduction package, including spending and entitlement cuts as well as revenue increases, that he will present next week to the congressional supercommittee charged with finding ways to reduce the nation’s debt.

Almost half the stimulus would come from tax cuts, which include an extension of a two percentage point reduction in the payroll tax paid by workers due to expire Dec. 31 and a new decrease in the portion of the tax paid by employers.

<SNIP>

The main components of Obama’s jobs plan, though not its scale, have been largely telegraphed by the administration. Obama has pressed Congress throughout the year to renew the payroll tax holiday along with extended unemployment benefits, which also expire Dec. 31. Backing for a reduction in the employer contribution to the payroll tax has been under consideration since at least June.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=433x764665

[adhd_what_huh]

14. so far I like what I hear.

[Name removed]

17. Deleted message

Message removed by moderator. Click here to review the message board rules.

[taught_me_patience]

20. Sounds like the first stimulus divided by two

and this is supposed to get results?

[kenny blankenship]

25. Considering that all the $300B is "paid for" by spending cuts elsewhere, it's not really stimulus

It may add some people to payrolls somewhere, but the reduction of $300B in other spending may also subtract some people from payrolls somewhere. Unless the original plan for that $300B was to hold it in the form of cash and then set it on fire, you aren't likely to have more money in circulation down the line due to this latest experiment in Stim-u-less. However, our national situation is so bad right now that it's possible to imagine scenarios under which the experiment pays off. If we were to "pay" for this stimulus by pulling out of Afghanistan, and we planned to "save" $300 Billion that way, and then spend it domestically, then the net effect might be positive. Occupying Afghanistan is an epically unproductive misallocation of capital - approaching the theoretical ideal of malinvestment in which 100% misallocation and uselessness is achieved by raking your cash into a large, gas-soaked pile and setting it on fire.

[WilliamPitt]

21. I'm hearing it's middle-class tax cuts.

But that could be wrong.

[Autumn]

22. Any tax cuts for the working poor?

Or just entitlement cuts?

[Vattel]

23. I thought one of his ideas was tax cuts for businesses that hire.

That seems reasonable. Guess I will have to wait and hear what the President says.

[TeamsterDem]

24. Oh sweet! Precisely the wrong way to go. Excellent! nt

[OwnedByFerrets]

26. FUCK tax breaks for ANYONE.

If true, this is most distressing. If true, this administration has completely lost its mind.