published Wednesday, August 24th, 2011

Obama, GOP hopefuls on jobs

Barack Obama very much wants to keep his job as president, and several Republicans very much want to replace him. But who wins next year may depend on how many of the American people have jobs -- or don't have jobs -- when Election Day comes around.

More than 9 percent of would-be American workers are officially jobless today, and millions more have either given up the search or can get only part-time jobs.

Indications are that unemployment could be the decisive issue in 2012. Unemployed voters and sympathetic friends and family of the unemployed likely will take their strong feelings about our economy into the voting booth.

Obama, already running for re-election, says Congress should "do something" to promote jobs. So you can guess what's on his mind: more federal stimulus spending on various infrastructure projects around the country. He also wants to extend a reduction in the payroll tax that funds Social Security.

"These are commonsense ideas -- ideas that have been supported by both Democrats and Republicans," he said in a recorded address. "The only thing holding them back is politics."

Actually, the bad track record of "stimulus" spending is holding back Congress from approving more stimulus. We're still waiting for the jobs the first stimulus was supposed to create.

Republican hopeful Gov. Rick Perry of Texas, meanwhile, is understandably campaigning on his state's strong job growth. He says he knows how jobs are created, and that he will seek to replicate that nationwide.

GOP candidate Rep. Michele Bachmann of Minnesota has her own prescription. It includes things such as reducing the corporate tax rate and capital gains taxes to spur investment, as well as providing tax advantages when job-creating businesses buy equipment. She also wants to roll back costly ObamaCare and its massive regulations.

Republican former Massachusetts Gov. Mitt Romney favors ending ObamaCare, cutting spending, opening more foreign markets to U.S. goods and boosting America's energy independence.

Obama's job policies -- which amount to more government intervention -- aren't working. But his GOP opponents needn't think that alone will win one of them the White House. They will have to convince voters that their smaller-government plans will work. We'll know soon enough how persuasive they are.

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nucanuck said...

We are experiencing permanent job losses, not temporary lay-offs. As we cut government spending we will permanently reduce millions of more jobs. The growing percentage of unemployed will reduce consumption and the US economy will continue to contract until we find an equalibrium between taxation and spending.

No President can hold taxes, cut spending, and add jobs. It can't happen and it won't happen.

Watch out for those who say we can have it all.

August 24, 2011 at 2:15 a.m.
acerigger said...

correct me if i'm wrong, but didn't the republicans run on "job creation" in 2010? so far,NO repub jobs bill! workers ARE watching!

August 24, 2011 at 5:20 a.m.
acerigger said...

macroeconomists and private sector forecasters are warning that the direction in which the new House Republican majority has pushed the White House and Congress this year — for immediate spending cuts, no further stimulus measures and no tax increases, ever — was wrong for addressing the nation’s two main ills, a weak economy now and projections of unsustainably high federal debt in coming years.

Instead, these critics say, Washington should be focusing on stimulating the economy in the near term to induce people to spend money and create jobs, while settling on a long-term plan for spending cuts and tax increases to take effect only after the economy recovers.

But Republicans in Congress and on the presidential campaign trail refuse to back down

August 24, 2011 at 5:31 a.m.
fairmon said...

No business will invest and expand until there is sufficient demand. There will be no significant job growth when spendable money from tax reductions for the lower incomes is used to buy imports. Reduced taxes for the wealthy buys imports plus increases their savings by investing in tax exempt municipal bonds or treasury bonds and stocks. Making American products more competitive is the only viable solution. Eliminating corporate tax loop holes and setting a predictable rate of 15% to be more in line with other countries would work wonders and there would be no lost corporate tax revenue. Enable and assist American companies to export their products.

Foreign owned businesses result in jobs for Americans and some tax revenue but profits are returned to the country of ownership. The textile and electronics industries in America were decimated by NAFTA and similar agreements with other countries. Some of those require that an amount equal to that imported be produced in that country. Over 3000 companies have relinquished their American citizenship and moved their headquarters and executives to Switzerland, Ireland and other countries to take advantage of their lower corporate tax rates. Money always goes to where it is treated best.

August 24, 2011 at 6:49 a.m.
fairmon said...

We have exported most of the non technical and lower skilled which increased the dependent society in America and reduced the same in other countries. We have a large segment of the population that are not prepared or capable of doing the highly skilled professional manufacturing and service jobs. It is possible for an American business to compete globally in the lower tech jobs if the tax codes and unnecessary and often duplicated legislatively imposed cost were not so prohibitive. Allow imports only from countries where trade agreements level the playing field.

August 24, 2011 at 7:02 a.m.
EaTn said...

Both the President and the right-wingers know that the next election will hinge on the state of the economy. The President will pull all strings available the last months to put the economy in high gear; the right-wingers will continue to apply the brakes and shift the economy into a lower gear until election since they've vowed that defeating Obama is their number one goal.

August 24, 2011 at 7:02 a.m.
hambone said...

Yes, Rick Perry knows how jobs are created.

With STIMULUS dollars!!

August 24, 2011 at 12:35 p.m.
nucanuck said...

You nailed it hambone. Something like 40% of Texas job growth under Perry has been in the public sector. Big Government Perry!

Oil producing Texas actually did best by riding the rising worldwide price of oil. Perry was the accidental beneficiary of this oil income windfall.

Possible President Perry is as dumb as a stone...which means... he may be our man.

August 24, 2011 at 1:21 p.m.
hambone said...

If you remember the TV series "Dallas" then you know who J.R. Ewing was.

That's who Rick Perry reminds me of.

A real snake oil salesman!!!

August 24, 2011 at 2:21 p.m.
Plato said...

"Barack Obama very much wants to keep his job as president, and several Republicans very much want to replace him. But who wins next year may depend on how many of the American people have jobs -- or don't have jobs -- when Election Day comes around."

What no one has ever explained to me is why someone that is unemployed would want to vote for the party that wants to cut off unemployment insurance?

August 24, 2011 at 10:33 p.m.
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