These make me want to say: “Don’t bother watching the president’s speech tonight. You’ve already heard it before.” But, then, we already knew that would be the case, didn’t we?
Advertisement
Apparently, the White House circulated these talking points to lefty groups in advance of the president’s speech tonight.
The American Jobs Act is:
- Based on bi-partisan ideas;
- It is fully paid for by closing corporate tax loopholes and asking the wealthiest Americans to pay their fair share; and
- It will have an impact on job and economic growth NOW — just as soon as Congress acts.
- Every day, people in this country are working hard to meet their responsibilities. The question now is whether Washington will meet theirs.
- The time for obstruction and gridlock is over. Congress needs to put country ahead of politics.
- The American people know that the economic crisis and the deep recession weren’t created overnight and won’t be solved overnight. The economic security of the American middle class has been under attack for decades.
- That’s why President Obama believes we need to do more than just recover from this economic mess.
- The President is rebuilding the economy the American way — based on balance, fairness and the same set of rules for everyone from Wall Street to Main Street where hard work and responsibility pay and gaming the system is penalized.
- It’s an American economy that’s built to last and creates the jobs of the future, by forcing Washington to live within its means so we can invest in small business entrepreneurs, education and making things the world buys, not outsourcing, loopholes and reckless financial deals that put middle class security at risk.
Advertisement
So much there! Where to start?
“The economic security of the middle class has been under attack for decades?” Yep — if the administration is talking about the federal government’s reckless run-up of debt.
“The same set of rules for everyone?” Really? Even Warren Buffett? Even Jeffrey Immelt? Even Tim Geithner? The AJA is finally going to make those guys pay their taxes?
“It’s an American economy that’s built to last and creates the jobs of the future, by forcing Washington to live within its means“? ROFLOL. Does whoever wrote these talking points know the president plans to propose $300 billion in new stimulus spending, what Ed is so perfectly calling Porkulus II: Economic Boogaloo (or, alternatively, Mini-Me Porkulus — equally cute)? In case you missed Ed’s post, recall that the hard-won cuts of the debt ceiling debate for this year amounted to a mere $7 billion — just 2.3 percent of the spending Obama will demand tonight.
Incidentally, the American people get it. The president has tried to divorce the debt and deficit issue from the jobs issue, but the American people understand that the two are connected — that debt destroys jobs. According to a Reinhart-Rogoff study, worldwide, when the debt of a nation is more than 90 percent of GDP, economic growth is reduced by at least a percentage point — and that means a net loss of jobs. In fact, the Council of Economic Advisors has suggested that a 1 percentage point loss of growth translates into 1 million jobs annually.
Advertisement
That’s why the American people want the president to prioritize deficit reduction. A recent WSJ/NBC poll found 56 percent of Americans put reducing the deficit ahead of boosting the economy, even if it means the recovery will take longer, versus 38 percent who say vice versa.
To try to satisfy deficit-conscious constituents, the president will try to convince the American people that $300 billion in new stimulus spending can be paid for by closing tax loopholes, raising taxes on the rich and by a wholesale deficit reduction effort someday down the road. But one need look no further than the president’s midsession budget review to know he’s not serious about paying for his new stimulus spending. That review made no substantive changes to the budget the president submitted in April — a budget that CBO estimated would grow the debt by about $12 trillion and raise taxes by about $2 trillion.
Join the conversation as a VIP Member